employment thumb100 Financial Mail writes about the plan that business has backed to place 1m young people in paid one-year internships over the next three years.  

The move is expected to raise private sector employment by around 3%.  The programme, which was signed off by President Jacob Zuma last week, has been developed by the CEO Initiative — a group of top businessmen who have rallied to finance minister Pravin Gordhan’s call to put the economy on a firmer footing.  Youth unemployment is among the biggest structural shortcomings of the economy.  Colin Coleman of Goldman Sachs commented;  "It’s a huge and costly undertaking for business, but we believe the target is credible and achievable."  The cost will be borne by the private sector, with 50:50 matching support from government in the form of a negotiated package of incentives.  The full package of incentives will be negotiated with government over the remainder of the year with the aim of getting the scheme up and running by the middle of 2017.

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