On 1 March 2023, a new national minimum wage (NMW) of R25,42/hour came into effect for the 2023/24 financial year. While labour is an important production input, it differs from other inputs, as it provides families with the means to earn a living. The NMW must strike a delicate balance between the human factor and economic reality.
This year, however, the announcement of a 9,6% increase came as a shock,