Volvo to invest R 25 mn to tackle unemployment in South Africa

Under the Youth Employment Initiative, Volvo is investing R 25 million as part of the Youth Employment Service (YES) which will be invested in various sectors.

Volvo Group South Africa has introduced an initiative to tackle the country's high unemployment rate under President's Cyril Ramaphosa's Thuma Mina initiative.

Under the Youth Employment Initiative, Volvo is investing R 25 million as part of the Youth Employment Service (YES) which will be invested in various sectors. Volvo has already invested R 86 million since 2015 on apprenticeship training, automotive industry leadership, disabled persons' leadership, as well as internships.

The company will invest R 1.4 million in establishing a specialised Driver Training Academy within the course of the year, R 7.8 million in Star for Life, which is a non-profit organisation which aims to provide young people of southern Africa with health education, sports training and essential life skills.

Volvo's initiative will target TVET students and is in line with YES initiative. "As a global company, with a strong commitment to the success of South Africa, we also support government's initiative to focus on youth development as is envisioned in initiatives such as the proposed Youth Employment Service," President of Volvo Group Southern Africa Torbjörn Christensson said.

The initiative between business, government, labour and civil society will see businesses creating one-year paid positions for youth aged between 18 and 35 with a minimum paid stipend of R3500 a month.