By Lesedi Sibiya-Diplomatic Insider
President Cyril Ramaphosa met with the CEO of Youth Employment Service (YES) Ravi Naidoo in order to secure a milestone for the company, in which 200,000 young South Africans have been funded and placed in high quality lines of employment.
The Youth Employment Service was founded in 2018 in order to repair the youth unemployment deficit in South Africa and to stabilize the economy for the long term. Ramaphosa highlighted that the company was founded as part of national economic growth strategy and to avoid it being a “social add on”.
Ramaphosa also highlighted that the government aimed to give support to YES by providing incentive packages as well as base it as part of the B-BBEE which will ensure that participating companies advance one or two B-BBEE if they join YES and reach the intended goals.
Nearly 1,900 companies have shown their commitment to this initiative as this strengthens Public-Private partnerships. Ramaphosa also highlighted that YES has grown 25% every year since 2021 as it has worked to help young people in underdeveloped areas have a place within the work force.
YES has also become one of the biggest corporate-funded youth jobs programmes in the world as the participating companies have even incorporated YES into their transformation, sustainability and human capital strategies.
“Many of the participating are with us this evening and I wish to commend you for your leadership. We are equally encouraged by new forms of partnerships that companies are forming in support of YES,” said Ramaphosa as he addressed the room of corporate leaders.
Ramaphosa continued to highlight Microsoft’s R5.4 billion investment as it created an AI skills hub as YES aims to certify 50,000 young South Africans per year as this is expected to advance economic competitiveness in the long term.
Through YES, motor vehicle company BMW have supported 3,500 young people in South Africa as they work in robotics, automation and electrical-vehicle technologies.
“Even as we celebrate the creation of nearly 200,000 opportunities for our young people, we must be candid that the challenge of youth unemployment remains deep, structural and persistent,” said Ramaphosa.