Latest News Archive

Please select Category, Year, and then Month to display items
Previous Archive
06 March 2020 | Story Valentino Ndaba | Photo Stephen Collett
Lesetja Kganyago, Governor of the South African Reserve Bank
Reserve Bank Governor, Lesetja Kganyago, presented a public lecture at the UFS on 4 March 2020.

With a 7% fiscal deficit on the Gross Domestic Product (GDP) projected by the National Treasury for the 2020/21 financial year, it would not take long to arrive at a dangerous level of debt at the rate that South Africa is borrowing. Although the South African Reserve Bank Governor, Lesetja Kganyago, does not consider a debt to GDP rate of 60% a disaster, he did express his concern regarding the country’s fiscal deficits being over 6% of the GDP.

Governor Kganyago presented a public lecture at the University of the Free State (UFS) on 4 March 2020, focusing on how we should use macro-economic policy and its role in our economic growth problem.

Unsustainable policies 
South Africa’s fiscal situation is not about tight monetary policy. According to the Governor: “Weak growth is endogenous in our fiscal problems. We cannot keep doing what we are doing and hope that growth will recover and save us. Growth is low, in large part, because of unsustainable policy.”

Avoiding an impending crisis
To address the problem, as a policymaker with more than 20 years’ experience, the Governor suggested that the recommendations made by Minister Tito Mboweni be taken into consideration. “The Minister of Finance, Tito Mboweni, is a man who says things that are true even when they are unpopular. His message is that we have to reduce spending and he is right to put this at the centre of our macro-economic debate,” said Governor Kganyago.

The state needs a radical economic turnaround strategy which is able to diminish the risk of losing market access and being forced to ask the International Monetary Fund for help. Governor Kganyago is positive that such a reformative tactic would go beyond monetary policy and ensure that the interest bill ceases to claim more of South Africa’s scarce resources. 

News Archive

UFS staff get salary increase of at least 7,25%
2007-11-20

 

During the signing of the UFS's salary agreement were, from the left: Mr Olehile Moeng (Chairperson of NEHAWU), Prof. Frederick Fourie (Rector and Vice-Chancellor of the UFS), and Prof. Johan Grobbelaar (Chairperson of UVPERSU and spokesperson of the Joint Union Forum).
 

UFS staff get salary increase of at least 7,25%

The University of the Free State’s (UFS) management and trade unions have agreed on an increase of 9,32% in the service benefits of staff for 2008. This includes a general minimum salary increase of 7,25%.

A once-off non-pensionable bonus of R3 000 will be paid in December 2007.

The agreement was signed today by representatives of the UFS management and the trade unions, UVPERSU and NEHAWU.

“As the state subsidy level is unfortunately not yet known, remuneration could vary several percentage points between a window of 7,25 and 8,39%,” said Prof. Frederick Fourie, Rector and Vice-Chancellor of the UFS.

Should the government subsidy be such that the increase falls outside the window of 8,39%, the parties will negotiate again.

The bonus will be paid to staff members who were employed by the UFS on UFS conditions of service on 14 November 2007 and who assumed duties before 1 October 2007.

The bonus is payable in December 2007 in recognition of the role played by staff during the year to promote the UFS as a university of excellence and as confirmation of the role and effectiveness of the remuneration model.

“It is important to note that this bonus can be paid due to the favourable financial outcome of 2007,” said Prof. Fourie.

“Our intention is to pass the maximum benefit possible on to staff without exceeding the limits of financial sustainability of the institution.  For this reason, the negotiating parties reaffirmed their commitment to the Multiple-year Income-related Remuneration Improvement Model used as a framework for negotiations.  The model and its applications are unique and has as a point of departure that the UFS must be and remain financially sustainable,” said Prof. Fourie and Prof. Johan Grobbelaar, Chairperson of UVPERSU and Spokesperson of the Joint Union Forum.

The agreement provides for the phasing in of fringe benefits of contract appointments for 2008.  This includes the implementation of a pension/provident fund, housing allowance and the medical fund allowance as from 1 January 2008 to staff who are appointed on a contract basis.

Agreement was also reached that 1,0% will be allocated for structural adjustments in order to partially address the backlog in respect of remuneration packages of other higher education institutions.  These adjustments will be made after further investigations during 2008. 

The post levels that have been earmarked for adjustment are academic staff (associate professor, professor and dean) as well as certain post levels in the support services.

An additional R500 000 will be allocated to accelerate the rate of phasing in the medical fund allowances. 

The implementation date for the salary adjustments is 1 January 2008, but could possibly be implemented only at a later stage due to logistical reasons.   The adjustment will be calculated on the remuneration package.

The agreement also applies to all staff members of the Vista and Qwaqwa Campuses whose conditions of employment have already been aligned with those of the Main Campus.

Prof. Grobbelaar said that salary negotiations were never easy, but the model is an important tool.  He said the Joint Union Forum illustrates that people from different groups can work together if they share the same commitment and goal.

In 2007, a total salary adjustment of 5,7% and a once-off non-pensionable bonus of R2 000 was paid to staff.

Media Release
Issued by: Lacea Loader
Assistant Director: Media Liaison  
Tel:  051 401 2584
Cell:  083 645 2454
E-mail:  loaderl.stg@ufs.ac.za
20 November 2007

We use cookies to make interactions with our websites and services easy and meaningful. To better understand how they are used, read more about the UFS cookie policy. By continuing to use this site you are giving us your consent to do this.

Accept