Pretoria- In a bid to counter the effects of unemployment and to encourage start- up of small to medium businesses the government has issued a R1280 unemployment benefit and a loan facility for youth business set up.
A source in the finance ministry revealed that the youth unemployment benefit of R1280 will be rolled out starting in August.
‘It was after a long closed door struggle that we come up with this unemployment sum of R1280, considering the pressure coming from different pressure groups to increase the social grant amount.
“The fund has been set aside for the youth unemployment benefit and the loan scheme which will be only accessed after submitting a relevant business plan. Currently the scheme is waiting for August elections to kick start because we will be closely working with selected councilors for information within their respective wards.
“More details will be formally revealed when everything is set up after elections, there will be clarity on who are the youth (age group) how and where to register and necessary documents to be submitted prior to the application and for how long will it be issued out.
“The loan fund is a very sensitive issue as the loan will have to be repaid in a stipulated time frame; we have engaged two local banks to help with the funding. Massive awareness campaigns will be undertaken to educate the youths about entrepreneurship skills.