Data provided by McGregor BFA
All data is delayed
Loading...
See More

Cosatu welcomes R9bn jobs fund

Jun 08 2011 17:19 Sapa

Related Articles

Gordhan unveils jobs fund details

More jobs, but not for low-skilled

Cosatu welcomes tender blacklist

Cosatu again warns against Walmart deal

Cosatu shocked by R100m pensions 'loss'

Fedusa meets commission on jobs plan

 
Cape Town - Trade union federation Cosatu on Wednesday welcomed the launch of the government's jobs fund, but reiterated the warning that the country was "sitting on a ticking bomb" of millions of unemployed young people.

"It is very encouraging to see the government putting its money where its mouth is," Cosatu said in response to Finance Minister Pravin Gordhan's announcement on Tuesday that the new jobs fund was open for business.

The fund will make R9bn in grants available over the next three years, with R2bn earmarked for the current financial year.

It is expected to target the private sector through a grant funding system that will see business match each rand from the fund in a 1:1 ratio. The scheme will be managed by the Development Bank of Southern Africa (DBSA).

Cosatu urged private companies, NGOs and government entities "to waste no time" in lodging proposals for creating job opportunities.

"Cosatu notes the commitment by a Treasury official that they will closely monitor how the money is spent. We must make sure that there is no abuse and that every cent of the money is used solely for job creation."

It also warned about the need to stick to job-creation targets.

"Through the new growth path, the government has set itself the target of creating 5 million jobs over 10 years.

"It hopes that this new fund will (create) 150 000 jobs this year, just 3% of that target.

"The (jobs) fund, important though it is, should not divert attention from the many other measures which will also be necessary to achieve the remaining 97% of that 5 million target.

"We are sitting on a ticking bomb. Unless we solve this problem of mass unemployment, particularly finding work for young people, there will be a tsunami of revolt from people who see no hope and no prospects of ever getting to live a decent life," it said.
cosatu  |  dbsa  |  pravin gordhan  |  job creation  |  jobs fund
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
2 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're Talking About: Small Business

Standard Bank is looking for 12 entrepreneurs to participate in a 10-part TV series. They could win a R1m investment into their dream.
 
 

No legal challenge to Nkandla report - Mbete

There are no plans to legally challenge Public Protector Thuli Madonsela's report on Nkandla, ANC national chairperson Baleka Mbete says.

 
 

Latest elections multimedia

Why Jack Parow wants you to vote on 7 May
The ad the SABC doesn't want to air
Elections 2014 in one cartoon
This year's election posters

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...