The country’s proposed national minimum wage of R3 500/month amounts to R20/hour and brings South Africa a step closer to tackling poverty, inequality and unemployment, deputy President Cyril Ramaphosa said to reporters in Johannesburg on Sunday.

“It is by no means the final figure of what the national minimum wage is going to be,” Ramaphosa said.

A panel, set up by the National Economic Development and Labour Council, has made these recommendations which will be taken to all social partners in Nedlac and they can accept or reject the proposals, Ramaphosa said, adding that lawmakers and the public will also have opportunities to discuss the minimum wage.

The report comes as Moody’s Investors Services and S&P Global Ratings prepare to deliver their assessments on the nation’s debt in the next two weeks.

S&P, which ranks South Africa one level above non-investment grade, has said the country needs to reform labour laws to reduce protracted strikes, create certainty about black empowerment laws in mining and ensure greater cohesion within government if it’s to maintain its rating. — (c) 2016 Bloomberg LP