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Unemployment Rate in South Africa increased to 33.20 percent in the second quarter of 2025 from 32.90 percent in the first quarter of 2025. This dataset provides - South Africa Unemployment Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.
In the second quarter of 2024, the unemployment rate among Black South Africans was 36.9 percent, marking a year-on-year change of 0.8 percent compared to the second quarter of 2023. On the other hand, the unemployment rate among white South Africans was 7.9 percent in the second quarter of 2024, with a 0.5 percent year-on-year change. Unemployment prevalent among youth and women The unemployment rate is the share of the labor force population that is unemployed, while the labor force includes individuals who are employed as well as those who are unemployed but looking for work. South Africa is struggling to absorb its youth into the job market. For instance, the unemployment rate among young South Africans aged 15-24 years reached a staggering 60.7 percent in the second quarter of 2023. Furthermore, women had higher unemployment rates than men. Since the start of 2016, the unemployment rate of women has been consistently more than that of men, reaching close to 36 percent compared to 30 percent, respectively. A new minimum wage and most paying jobs In South Africa, a new minimum hourly wage went into effect on March 1, 2022. The minimum salary reached 23.19 South African rand per hour (1.44 U.S. dollars per hour), up from 21.69 South African rand per hour (1.35 U.S. dollars per hour) in 2021. In addition, the preponderance of employed South Africans worked between 40 and 45 hours weekly in 2021. Individuals holding Executive Management and Change Management jobs were the highest paid in the country, with salaries averaging 74,000 U.S. dollars per year.
As of March 2025, South Africa had the highest unemployment rate among the 19* countries that are members of the G20. The unemployment rate in South Africa stood at **** percent that year. The country has recently been plagued by an economic downturn, including energy shortages and high unemployment levels. On the other hand, Japan had the lowest unemployment rate at just *** percent. Economic inequality in South Africa Not only does South Africa top the G20 in overall unemployment, but it also has a significant level of youth unemployment, as nearly half of the young population is unemployed. Thirty years after the end of Apartheid, South Africa is also still one of the most unequal countries in the world, with a Gini score of ****. The prominence of inequality in the country makes escaping unemployment and underemployment difficult. Japanese economic slowdown While Japan had the lowest unemployment rate out of all G20 nations, as well as the lowest youth unemployment rate out of the G20 nations, Japan’s economy is still facing many challenges. With an aging population, the total Japanese population is facing a rapid decline, meaning that it will struggle to have enough workers participating in the labor market. Despite this, Japan maintains strict immigration policies, limiting the chances for foreign workers to move to Japan. Moreover, Japan has the second lowest fertility rate out of the G7 nations and one of the lowest fertility rates globally, adding another challenge in addressing population shrinkage.
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BASE YEAR | 2024 |
HISTORICAL DATA | 2019 - 2024 |
REPORT COVERAGE | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
MARKET SIZE 2023 | 154.68(USD Billion) |
MARKET SIZE 2024 | 160.03(USD Billion) |
MARKET SIZE 2032 | 210.0(USD Billion) |
SEGMENTS COVERED | Coverage ,Benefits ,Administration ,Funding ,Regional |
COUNTRIES COVERED | North America, Europe, APAC, South America, MEA |
KEY MARKET DYNAMICS | 1 Rising unemployment rates 2 Growing awareness of unemployment insurance programs 3 Government initiatives to expand coverage 4 Technological advancements in benefits administration 5 Increased demand for flexible and portable unemployment insurance policies |
MARKET FORECAST UNITS | USD Billion |
KEY COMPANIES PROFILED | AXA SA ,Zurich Insurance Group ,AIG ,Aegon NV ,Hannover Re ,Allianz SE ,Chubb Limited ,Munich Re ,Prudential Financial ,Generali Group ,Swiss Re ,SCOR SE ,Liberty Mutual Insurance ,The Hartford ,MetLife |
MARKET FORECAST PERIOD | 2025 - 2032 |
KEY MARKET OPPORTUNITIES | Expansion of Gig Economy Growing freelance and contract work creates demand for unemployment insurance coverage Government Initiatives Government programs to support unemployed workers drive market growth Digitalization and Automation Technological advancements automate claims processing reducing costs and improving efficiency Increasing Labor Market Flexibility Employers seek flexible workforce leading to fluctuations in employment and higher unemployment rates Expansion into Developing Markets Emerging economies witness increased demand for social protection including unemployment insurance |
COMPOUND ANNUAL GROWTH RATE (CAGR) | 3.46% (2025 - 2032) |
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Graph and download economic data for Real-time Sahm Rule Recession Indicator (SAHMREALTIME) from Dec 1959 to Jul 2025 about recession indicators, academic data, and USA.
In the fourth quarter of 2024, the unemployment rate in South Africa was 27.2 percent among workers aged 35 to 44 years. The figure decreased from 27.7 percent in the same quarter of the previous year. This age group corresponded to the largest share of the labor force participation in the country. Among young South Africans (15 to 24 years), the unemployment rate was at its highest, at 59.6 percent.
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Attribution 4.0 (CC BY 4.0)https://creativecommons.org/licenses/by/4.0/
License information was derived automatically
Unemployment Rate in South Africa increased to 33.20 percent in the second quarter of 2025 from 32.90 percent in the first quarter of 2025. This dataset provides - South Africa Unemployment Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.