Share

Nene: Govt serious about jobless youth

Cape Town - Finance Minister Nhlanhla Nene said on Friday the government is committed to deal with the challenge of unemployment after treasury announced changes for the R9bn Jobs Fund.

“We take very seriously the challenge of unemployment in this country, particularly for young unemployed people.

“We must work hard, and work together, to respond to the very difficult challenges we face,” he said.

The Government Technical Advisory Centre (GTAC) will take over the management of the Jobs Fund, the treasury and the Development Bank of Southern Africa (DBSA), said in a statement.

“The transfer will facilitate GTAC’s support for the Jobs Fund, while allowing the DBSA to focus on its core lending and development finance responsibilities.”

The GTAC, which has been established as an advisory and project management agency of the national treasury, incorporates the former Public Private Partnership Unit and the Technical Assistance Unit.

The R9bn Jobs Fund, which offers once-off grants in the areas of enterprise development, infrastructure, support for work seekers and institutional capacity building, is set to announce a fourth funding round toward the end of this year.

“The next phase in the implementation of the Fund will see a shift towards partnerships with larger intermediaries to enable the Fund to scale up its activities, drawing on experience over the past three years and promoting broader systemic impacts.”

The Jobs Fund has so far approved funding for 91 projects, totaling R4.96bn in grant funding to facilitate the creation of over 160 000 jobs.

50% of young South Africans between 15 to 24 unemployed, according to the World Economic Forum’s (WEF) Global Risk Report 2014, which also places the country third when it comes to the highest employment rate in the world for youths.

Deputy President Cyril Ramaphosa admitted in June that youth unemployment is probably the single most critical challenge facing South Africa.

He was speaking in the Northern Cape on Youth Day at the Commemoration of the 38th Anniversary of June 16 1976.
 
"More than a third of young South Africans in the labour force are unemployed. In every province, the unemployment rate among youth is more than double that of people over 35 years of age," said Ramaphosa.
 
He said at the time if the country effectively addressed youth unemployment, not only will millions of South Africans be lifted out of poverty, but it will also place the economy on a trajectory of sustainable, inclusive growth.

 - Fin24

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.93
+0.0%
Rand - Pound
23.89
+0.0%
Rand - Euro
20.39
+0.2%
Rand - Aus dollar
12.33
+0.1%
Rand - Yen
0.13
+0.0%
Platinum
908.05
+1.2%
Palladium
1,014.94
+1.3%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
+1.0%
All Share
74,536
+0.8%
Resource 10
57,251
+2.8%
Industrial 25
103,936
+0.6%
Financial 15
16,502
-0.1%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders