Today's Labour News

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MboweniFin24 reports that Minister of Finance Tito Mboweni said on Wednesday that, even with the Unemployment Insurance Fund relief and the R100 billion multi-year economic support package to save jobs, unemployment would remain the biggest economic challenge for SA in the year ahead.  

"The figures (from Stats SA) from yesterday (Tuesday) show that unemployment is our single greatest challenge.  The economic support package sets aside R100 billion for a multi-year, comprehensive response to our jobs emergency.  The President’s job creation and protection initiative will be rolled out over the medium-term," the minister indicated during his supplementary budget speech.  Mboweni advised that the package would include “a repurposed public employment programme and a Presidential Youth Employment Intervention.  In this year, an amount of R6.1bn is already allocated, and a further R19.6 billion has been set aside mainly for this purpose."  Observers expect the economic fallout from the Covid-19 pandemic and the subsequent national lockdown to hammer jobs data for the rest of the year.  Mboweni also noted that, as of mid-June, the UIF had provided R23 billion in Covid-19 relief to over 4.7 million workers affected by the pandemic thanks to a huge upgrade and repurposing of the UIF system to deal with the increase in mostly online applications, and to build in protections against fraud.  

  • Read the full original of the report in the above regard by Khulekani Magubane at News24

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