UIF to pour R35bn into job-creation scheme
- Published on 31 Mar 2016
- HR Pulse News Desk
Unemployment Insurance Fund (UIF) commissioner Boas Seruwe unveiled bold plans to fight unemployment with a R35 billion investment in job creation.
He said the Department of Labour had decided to use some of the UIF’s R126bn surplus for this purpose. The fund's partnership with the Industrial Development Corporation had already yielded 56,000 jobs over a five-year period since 2010 with only R4bn, and Seruwe is convinced the substantial cash injection can only lead to more success.
Although Seruwe could not immediately point out the specific projects the fund would be investing in, he mentioned the public employment services as one such initiative. The UIF also plans to use the funds to empower retrenched workers through the training lay-off scheme. Labour federations Cosatu and Fedusa welcomed the cash injection, saying it would go a long way in creating much-needed jobs.
Source: SA Labour News
