Nedbank, one of the largest financial services groups in Africa offering wholesale and retail banking services, announced that it will employ 3,315 youths for 12 months from May as part of President Cyril Ramaphosa’s youth employment scheme.
Ramaphosa’s Youth Employment Service (Yes) initiative, which is a formal partnership with the private sector that was gazetted in August, is aimed at giving businesses an incentive to employ young people through tax breaks and improved black economic empowerment (BEE) ratings.
According to the website, there are currently 230 companies signed up to the initiative and 16,300 “committed work experiences” have been provided.
The incentive is aimed at reducing South Africa’s alarmingly high youth unemployment rate, currently at more than 50 percent.
A statement released by Nedbank said it would provide paid work experience for 3,315 people aged between 18 and 29 years for 12 months from May. It was also noted that the jobs would be within the bank and at its sponsored placement partners — Wildtrust, Tradeway, UnlockD and ORT SA.
The statement revealed that the employees chosen will receive training “to ensure they are equipped with skills to enter the job market once the one-year training programme has been completed”.
Nedbank stated that more than 3.3 million people in South Africa aged between 15 and 34 years were neither studying nor working. The bank said “half of them have completed grade 12 and are largely unemployable in the formal sector, unless they receive relevant training and work experience”.