It’s jobs jobs and more jobs for the youth! Finance minister Pravin Gordhan presented a new lease on life for young people in the budget speech yesterday. More than 420 000 young graduates stand to benefit from government’s proposed wage subsidy.
The minister has announced a white paper – detailing how companies will be able to claim money back from SARS if they employ inexperienced graduates for two years. Almost 75% of the unemployed people in Mzansi are young people, and during his budget speech, Gordhan said that the government would allocate R5-billion over three years from April 2012 towards the subsidy.
He added that government should do things differently and offer young work-seekers “real hope where at present there is despair.”
Education takes up the largest share of government spending – 21 percent of non-interest allocations.
– An amount of R8.3bn is added for schools infrastructure.
– Just under R1bn is added for funza lushaka teacher bursaries and bursaries for postgraduate students in natural sciences.
– R9.5bn is also provided for expanding further education and training colleges and skills development.
In total – R24.3bn will be added to education and skills spending over the next three years, which rises from R190bn next year to R215bn in 2013/14.
It’s now up to YOU to take the responsibility to work hard through varsity and reap the rewards!
Other highlights from the budget speech include:
Unemployment up to 24.3%
R2.8bn will be spend on public transport (as well as road and rail infrastructure)
R12.2bn for social grants
Fuel tax increases to total 25.5c/litre
Cigarettes will cost R1.24 more per packet
Booze up by between 6.5c (for a bottle of beer) to R2.22 (for a bottle of spirits)
Article by Student Village
