Initiative to employ youth launched

SERVICES NEWS

Fin24/ Sapa - Apr 24th, 09:54

Johannesburg - An incentive to encourage businesses to employ young South Africans and reduce youth unemployment was announced in Johannesburg on Tuesday. 

The Youth Employment Index (YEI) aims to stimulate dialogue between corporate South Africa and others to address youth unemployment.

"We aim to reward businesses that both employ young people and have effective strategies to develop them and manage young talent," said David Sand, CEO of rewards recognition company Uwin Iwin.

Growing unemployment had far-reaching economic and social implications and needed to be addressed, he said.

The current unemployment rate among young people between the ages of 15 and 24 is estimated at 48.2%, according to Statistics SA.

YEI is an online index and a joint apolitical initiative by tax firm Mazars, Uwin Iwin, and communications agency Pleiades Media.

"We want to ensure economic development for our people," YEI chairperson Nazreen Pandor said.

"The role of the founder members... will be to formulate best practice for youth employment and integration in the workplace, and to develop appropriate benchmarks against which companies can be measured for their employment effectiveness," she said.