Cape Town - Business Unity South Africa (BUSA) on Monday welcomed the passing of an extension to the Employment Tax Incentive Act (ETI) which, it said, would continue to make significant strides in youth employment.
By 2015, after the first full year of its implementation, Busa said, the ETI had supported around 645 973 people between the ages of 15 and 30.
President Jacob Zuma signed the Bill into law on January 11, under the Taxation Laws Amendment Act.
Last year, BUSA said, it made submissions to Nedlac and Parliament based on independent qualitative and quantitative research which showed that the ETI had assisted hundreds of thousands of young people in getting work experience, which significantly increased their future employment prospects.
The research demonstrated that ETI-supported employees were paid higher wages on average and had better prospects for skills development and secure, long-term employment.
The statement added: “In conjunction with the CEO Initiative, and with the support of these incentives, business will seek to make a significant contribution to growing youth employment through the Youth Employment Service scheme.”
Busa said business was committed to finding lasting solutions to achieve youth employment and inclusive growth.
AFRICAN NEWS AGENCY
