Employment fell sharply last month‚ by an annualised rate of 3.2%‚ showing the economy shed 51‚495 jobs during the month‚ the latest Adcorp employment index revealed on Monday (11 February).
The index is regarded as the most representative monthly barometer of employment trends in SA‚ although its figures do not usually tally with those from SA's official statistics agency‚ Statistics SA.
Job losses were recorded in all contract types‚ with permanent jobs declining most‚ by 5.3% or 40‚232‚ representing nearly 80% of the job losses observed during the month.
Although all sectors experienced declines in employment‚ the highest levels were in the wholesale and retail trade‚ with -8.8% or 13‚000 jobs. Mining was down -17.4% equivalent to 4‚000 jobs.
Adcorp's study of income taxes and tax evasion showed that households failed to declare 30% of their incomes to the revenue service and Statistics SA‚ suggesting growth in the informal sector.
"In order to stem the growth of informal economic activity‚ labour laws must be relaxed and income taxes reduced‚" Adcorp said.
The professional services group said that people appeared to be under-reporting their incomes in Stats SA surveys.
"As a whole‚ 4.5m people report to Stats SA enumerators that they earn income in the taxable range‚ whereas 6.2m are actually paying income tax to the South African Revenue Service (SARS) - an under-count by Stats SA of 27%. Or‚ stated differently‚ the average taxpayer's income is R266‚641 a year according to SARS and R193‚325 a year according to Stats SA - an under-count of 28%‚" Adcorp said.
I-Net Bridge For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.
We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field. Go to: http://www.inet.co.za
LEGAL DISCLAIMER: This Message Board accepts no liability of legal consequences that arise from the Message Boards (e.g. defamation, slander, or other such crimes). All posted messages are the sole property of their respective authors. The maintainer does retain the right to remove any message posts for whatever reasons. People that post messages to this forum are not to libel/slander nor in any other way depict a company, entity, individual(s), or service in a false light; should they do so, the legal consequences are theirs alone. Bizcommunity.com will disclose authors' IP addresses to authorities if compelled to do so by a court of law.