Cape Town – The National Development Plan (NDP) is expected to off-set job creation to desired targets over the next three years, Finance Minister Pravin Gordhan said on Wednesday.
He said despite employment expected to expand by a rate of only 1.7%, there were several projects that were underway to contribute to economic stability and job creation.
Delivering the Medium Term Budget Policy Statement in Parliament on Wednesday, he said: “Rail capacity is being expanded to support manganese and coal exports. Over the next 12 years, we will replace more than 300 trains for the two million people who use Metrorail every day.”
He said tax incentives for industrial development projects amounting to R10 billion have been approved over the past three years, which are expected to support investment amounting to R35 billion.
“To support job creation in special economic zones and for young work seekers, a revised Employment Tax Incentive Bill will be formally introduced in Parliament tomorrow. This forms part of the multi-pronged approach to expanding work opportunities, especially for young people, envisaged in the national youth accord.”
Through collaboration with business, labour, civil society and state-owned entities, government will roll-out numerous economic packages that are guided by the NDP framework to reduce the cost of doing business, create investor confidence and create more jobs.
Finance Minister Pravin Gordhan said plans were underway to deal with lack of skills and joblessness.
This includes, among others, tax allowances for learnerships to skills levels.
An Industrial Policy Action Plan has been proposed as a framework for special economic zones and tourism promotion efforts aimed at boosting employment and income generation.
The Jobs Fund has already allocated R3.4-billion to some 65 projects that are projected to create 90 000 permanent jobs and about 100 000 trainining opportunities over the next three years.
An employment incentive proposal has been tabled to encourage youth employment and share the costs of job creation in special economic zones and targeted industries. – SANews.gov.za
