In a South African manufacturing company the correlations between perceived job insecurity and psychological well-being were examined among 54 white managers in relatively 'safe' jobs and 78 black production workers in relatively 'unsafe' jobs. The former felt more secure in their jobs but not less anxious or depressed than the latter. Job insecurity was positively related to both anxiety and depression (.30 to .40) in both groups, confirming the benefits of perceived job security to employees, irrespective of whether they felt initially secure or not in their jobs.