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From 1 July 2014 to 28 July 2014 workers in the metal and engineering industry went on strike, demanding a 15% increase in wages as from 1 July 2014 - NSC Mathematical Literacy - Question 2 - 2016 - Paper 2
Question 2
From 1 July 2014 to 28 July 2014 workers in the metal and engineering industry went on strike, demanding a 15% increase in wages as from 1 July 2014. Employers appli... show full transcript
Worked Solution & Example Answer:From 1 July 2014 to 28 July 2014 workers in the metal and engineering industry went on strike, demanding a 15% increase in wages as from 1 July 2014 - NSC Mathematical Literacy - Question 2 - 2016 - Paper 2
Step 1
Show, with calculations, how this loss was calculated.
Answer
To find the total wages lost by the worker during the strike, we first need to determine the daily wage for Wage Rate A. The gross monthly wage for Wage Rate A is given as R110 000. The calculation for the daily wage is as follows:
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Calculate the monthly salary after the 7% increase:
Salary after increase = R110,000 + (0.07 × R110,000) = R110,000 + R7,700 = R117,700
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Calculate the daily wage rate:
Daily ext{ }wage ext{ }rate = rac{R117,700 imes 12}{365} ightarrow R386.96
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Calculate total earnings lost during the strike period (28 days): Earnings lost = Daily wage rate × Number of strike days
= R386.96 × 28 = R10,834.85
Thus, the worker lost R10,834.85 in earnings during the 28 days of the strike.
Step 2
Hence, state ONE other negative financial implication of a prolonged strike for a worker.
Answer
One other negative financial implication of a prolonged strike for a worker is that they may accrue unpaid bills. As income ceases during the strike period, workers struggle to cover essential expenses, which can lead to accumulating debt, further financial strain, and potential loss of services or assets.