Today's Labour News

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worldbankBusinessLive reports that the World Bank says SA needs a stronger education system to address the skills constraints hampering employment.  

A country diagnostic report for SA released by the bank on Monday indicates that the legacy of Bantu education has created a skills shortage that has contributed to low growth, productivity and competitiveness, as well as persistently high unemployment.  The bank emphasised that the National Development Plan (NDP) could only be achieved by improving the quality of education.  The NDP’s goals are to eliminate poverty and reduce inequality by 2030, which calls for sustained growth of 5.4% and a 6% decrease in unemployment by 2030.  According to the report, the legacy of exclusion has aggravated policy uncertainty and reduced growth.  It has also kept prices high, especially for the poor, and does not create jobs quickly enough to reduce the high levels of unemployment.  The World Bank added that President Cyril Ramaphosa’s plan to create a social compact with business, labour and civil society was an "essential foundation" for overcoming exclusion.  As part of that plan, Ramaphosa is targeting $100m in new investments over the next five years in order to accelerate job creation.

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