South Africa commits R100 billion to create over 800000 employment opportunitiesDevdiscourse News Desk | Cape Town | Updated: 16-10-2020 14:26 IST | Created: 16-10-2020 14:26 IST
To support and create over 800000 employment opportunities over the next three years, the government of South Africa has committed R100 billion, according to a news report by South African Government News Agency.
During a joint sitting of the Houses of Parliament in a hybrid session, President Cyril Ramaphosa has announced this in a hybrid session on the Reconstruction and Recovery Plan aimed at steering the country back to desirable growth levels in the aftermath of the coronavirus pandemic.
The employment stimulus package is one of four pillars that are part of the plan aimed at creating jobs and supporting livelihoods.
"We have committed R100 billion over the next three years to create jobs through public and social employment, as the labor market recovers.
"The employment stimulus is focused on those interventions that can be rolled out most quickly and have the greatest impact on economic recovery," the President said.
The Reconstruction and Recovery Plan comes at a time when the country's economy has taken an unprecedented shock that has left two million people out of work in the second quarter of this year.
The economy contracted by 16.4 percent when compared to the previous quarter - and National Treasury expects a significant shortfall in revenue collection.