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Zambia Sets Minimum Wage At $100

South-Africa

Zambia Sets Minimum Wage At $100

A house maid in Zambia will earn a minimum wage of K993 equivalent to $96.79, according to the latest government directive.

However, critics say that government has not effected a corresponding income or salary increase for civil servants and other workers who employ such people.

Under the new changes, Zambia’s Minister of labour Joyce Nonde said, “if you own a kantemba or shop, you must pay your workers K1, 698 (approximately $165.51).”

Zambia’s economy is predominantly dependent on copper as the main export product.

Other sources of revenue include, emerald mining, construction, foodstuffs, beverages, chemicals, textiles, fertilizer, horticulture.

Theoretically Zambia survives on mining, but practically, Agriculture keeps many, many in self-employment. Agriculture is the 2nd biggest foreign exchange earner and keeps us a net food exporter.

As Finance Minister Margaret Mwanakatwe prepares to present the 2019 budget to lawmakers this month, Zambia plans to trim its fiscal deficit next year.

Its Finance Ministry is targeting a budget shortfall of 6.5% of GDP next year, compared to 7.4% this year, according to a medium-term expenditure plan that sets its fiscal course until 2021.

The Ministry forecasts mineral-royalty and mine-profit tax revenue increasing by about a quarter, as copper output grows 3.7% and prices remain flat.

“The sharp increase in mining royalties and mining corporation income tax appear to be based on a change in the taxation regime,” said Mark Bohlund, an Africa economist with Bloomberg.

Zambia’s external debt grew to $9.4 billion at the end of June, almost double the amount at the end of 2014, and get the International Monetary Fund to resume talks over a potential $1.3 billion bailout.

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