Local workers gone on strike for a 66% pay rise to counteract the effect of the local devaluation of the currency, the Kwacha by 50%.
However, if Paladin are inputting money in Aussie or US dollars, and paying the workers in Kwachas, wouldn't a 50% pay rise in Kwachas effectively cost Paladin nothing? They would get twice as many Kwachas to the dollar, so the dollar cost of paying the workers double would be the same.
Or have I got my basic maths wrong?
A 66% claim does seem over the top, but presumably that's a negotiation point, and I think if they were offered 50%, they would be mad not to take it.... It would be a far better deal than they would get from a local business that earns and inputs only local currency.
Local workers gone on strike for a 66% pay rise to counteract...
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