IDC partnership creates 21 000 jobs

25 June 2013

A partnership between the Department of Labour and the Industrial Development Corporation (IDC) has created 21 234 new jobs, says Labour Minister Mildred Oliphant.

Speaking at a New Age breakfast briefing in Pretoria on Monday, Oliphant said the department had invested funds in the IDC, maintaining an ongoing collaboration through the issuing of an additional bond of R2-billion, bringing the total bond to R4-billion.

The IDC uses the funds to lend out to businesses that aim to create or save jobs.

“Through this partnership, 21 234 new jobs were created … This investment has increased from 5% to 10% of the total investment portfolio, meaning that over R8-billion will be made available for investment in manufacturing, mining beneficiation, agriculture and tourism,” Oliphant said.

“We have allocated R3.2-billion to the Public Investment Corporation to plough into job creation projects, over and above the amount allocated to IDC.”

She added that the department continued to support job-creating projects through prudent investments from the Unemployment Insurance Fund (UIF) and Compensation Fund.

The UIF would also continue funding Productivity South Africa’s turnaround solutions – a three-year, R39-million-a-year agreement to help companies in distress to save jobs and keep people in employment.

Oliphant noted that the department had just concluded a series of jobs fairs and summits in all nine provinces to introduce prospective employers to potential employees.

She also encouraged businesses to register their vacancies on the department’s Employment Services for South Africa database, where 2 620 companies had already registered vacancies.

The department has 171 employment services practitioners and 84 employment counsellors providing services at 125 Labour Centres, 72 (out of 139) Thusong Centres and various visiting points. It also has 19 mobile units, two Public Employment Services buses with internet connectivity, 12 Sheltered Employment Factories and Productivity SA headquarters and three regional offices.

Source: SAnews.gov.za