Treasury says 780 000 jobs will be created in three years

South Africa is expected to create 780‚000 jobs over the next three years‚ according to the National Treasury's medium-term budget policy statement (MTBPS) released on Thursday.

By Ntsakisi Maswanganyi

31 Oct 2012

These forecasts come in spite of a weaker global and domestic economic environment and widespread job losses in the country's mining sector as a result of wildcat strikes.

Treasury conceded that employment gains had decelerated in tandem with slower growth over the past year and that "rising wage demands across the economy could put pressure on new hiring."

South Africa's unemployment level is almost 25% of the population.

"Labour force participation rates remain low‚ with more than 1.1m additional South Africans classified as discouraged since the end of 2008‚" the budget policy statement showed.

Formal non-agricultural employment had risen towards pre-2009 levels‚ with 125‚000 jobs created over the past 12 months‚ treasury noted.

It added that public-sector employment had risen by 38‚000 jobs compared with 87‚000 jobs in the private-sector.

Government called for partnerships with the private business‚ which accounts for about 71% of economic activity and more than 75% of jobs, according to treasury figures.

"Creating a buoyant private sector that works in partnership with an effective government will help South Africa achieve faster growth and sustainable job creation‚" the budget policy statement claimed.

Source: I-Net Bridge

For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.

We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.

Go to: http://www.inet.co.za