Nedbank to employ over 3,000 youths under Yes initiative
BUSINESS LIVE / 26 APRIL 2019 - 11:33 / NICK HEDLEY
To date, 230 firms have signed up to the Yes plan and 16,300 ‘committed work experiences’ have been provided, according to its website
Nedbank Group says it will employ 3,315 youths for 12 months from May as part of President Cyril Ramaphosa’s youth employment scheme.
Picture: BLOOMBERG/DEAN HUTTON
Ramaphosa’s Youth Employment Service (Yes) initiative, a formal partnership with the private sector that was gazetted in August, is aimed at giving businesses an incentive to employ young people through tax breaks and improved black economic empowerment (BEE) ratings.
To date, 230 companies have signed up to the programme and 16,300 "committed work experiences" have been provided, according to the programme’s website.
The incentive is aimed at reducing SA’s alarmingly high youth unemployment rate, currently at more than 50%.
Nedbank said in a statement it would provide paid work experience for 3,315 people aged between 18 and 29 years for 12 months from May. The jobs would be within the bank and at its sponsored placement partners — Wildtrust, Tradeway, UnlockD and ORT SA.
These employees would receive training "to ensure they are equipped with skills to enter the job market once the one-year training programme has been completed".
Nedbank said more than 3.3-million people in SA aged between 15 and 34 years were neither studying nor working.
"Half of them have completed grade 12 and are largely unemployable in the formal sector, unless they receive relevant training and work experience."
Disclaimer - The views expressed here are not necessarily those of the BEE CHAMBER