23 October 2013
The government, in collaboration with business and labour, will roll out a number of packages informed by the National Development Plan (NDP) to boost economic growth and job creation in South Africa over the next three years, Finance Minister Pravin Gordhan told Parliament on Wednesday.
Presenting his medium term budget policy statement in Cape Town, Gordhan said plans were under way to tackle the lack of skills and high jobless rate in the country.
The government’s Jobs Fund had already allocated R3.4-billion to some 65 projects that were projected to create 90 000 permanent jobs and about 100 000 training opportunities over the next three years, he said.
At the same time, an employment incentive proposal has been tabled to encourage youth employment by sharing the costs of job creation in special economic zones and targeted industries.
“To support job creation in special economic zones and for young work seekers, a revised Employment Tax Incentive Bill will be formally introduced in Parliament tomorrow,” Gordhan said. “This forms part of the multi-pronged approach to expanding work opportunities, especially for young people, envisaged in the National Youth Accord.”
He said that several projects were under way to contribute to economic growth and job creation, with tax incentives for industrial development projects amounting to R10-billion having been approved over the past three years – these were expected to support investment amounting to R35-billion.