DoL investments bear fruit-Mildred Oliphant
26 Oct 2012
Investments by the Department of Labour’s (DoL) entities in the Industrial Development Corporation (IDC) have resulted in the creation of over 17 000 jobs in the last financial year, a Jobs Fair was told in Cape Town on Friday.
Labour Minister, Mildred Oliphant, was addressing stakeholders from business, labour, government as well as society groups at a meeting aimed at facilitating interaction between job seekers and department’s Public Employment Services and prospective employers.
“To date, R4 billion has been invested with the Industrial Development Cooperation and of that amount, R2.9 billion has been approved for 168 business deals resulting in the creation of 17 406 new jobs and the retention of 18 672 jobs. Therefore, the combined new jobs created and saved stands at 36 078,” she said.
Oliphant said: “In support of the President’s commitment to improving the country’s infrastructure and to create jobs, as was articulated during his Excellency’s state of the National Address in 2012, we have, through Unemployment Insurance Fund (UIF) branch invested R37.8 billion in this regard. This money is invested in Government Bonds and Parastatals.
“The Department through Compensation Fund (CF) has set aside R2 billion which will be invested through the Public Investment Corporation for investment in social infrastructure projects and other job creation projects. The projects to be funded will be identified and implemented”.
The minister said the Department through UIF branch has committed between R200 million to R500 million to invest in agricultural projects. This investment will create jobs and support food security in South Africa. The UIF has also contributed a further R1.2 billion to fund the Training Lay-off Scheme. The scheme is aimed to assist distressed companies and at workers who may be at risk of retrenchment.
Dipuo Peters, Minister of Energy, said: “We commend the department for attempting to reduce the high unemployment rate, particularly among the youth. The actual evidence of the impact of unemployment in our country can be seen in these Jobs Fairs”.
Dignitaries in attendance included Godfrey Oliphant, Deputy Minister: Mineral Resources, deputy Minister Human Settlement, Zo Kota-Fredericks, Chairperson the Portfolio Committee on Labour, Elack Nchabeleng and Department of Labour’s Director-General, Nkosinathi Nhleko.
Nhleko said the department will wind up its protracted Jobs Fair campaign with a gathering in Rustenburg, North West on 30 November 2012.
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Issued by: Department of Labour
26 Oct 2012
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