Finance Minister Enoch Godongwana announced that the government will allocate more than R60 billion over the medium term to employment creation in the country. This includes R7.4 billion for the Presidential Youth Employment Initiative.
The minister made this revelation during his budget speech in Cape Town on Wednesday.
We have also made provision for key initiatives aimed at job creation R61.4 billion is allocated for employment programmes over the medium term. R7.4 billion has been identified for the Presidential Employment Initiative.
During the 2024 State of The Nation Address (SONA), President Cyril Ramaphosa reflected on the impact of the PYEI which saw more than a million young people placed in schools as teaching assistants.
The impact of the programme was widely recognised and saw numerous calls for its continuation by civil society organisations. The minister's announcement could see the employment programme continue to make an effort in the lives of young South Africans battling against unemployment.
The Calls For The Programme To Continue
Youth Capital explained that Short-term employment initiatives like the social employment fund and the presidential employment stimulus have played an instrumental role in getting income into the hands of youth in the country.
By doing this they stimulate local economies amidst the daunting challenges of unemployment and economic stagnation in South Africa.
They explained that these initiatives represent a departure from traditional trickle-down economic models, embracing a 'trickle-up' approach. This is done through prioritising grassroots economic empowerment to foster genuine redistributive strategies which ensure that economic benefits are felt at the community level.
