Busa welcomes extension of Employment and Learnership Tax Incentives
Business Unity South Africa (Busa) has welcomed the extension of the employment and learnership tax incentive schemes, adopted by Parliament on December 9, which will support job creation for young people in a meaningful and effective way.
The Employment Tax Incentive (ETI) has been extended for two years while the Learnership Tax Incentive has been extended for five years.
Busa has made submissions to the National Economic Development and Labour Council, as well as to Parliament, based on both qualitative and quantitative independent research illustrating that the ETI has supported hundreds of thousands of youth in gaining access to first-time work experience, thereby significantly increasing their future employment prospects.
In the first full year of its implementation, the ETI supported around 645 973 youths between the ages of 15 and 30.
Busa’s research also demonstrated that ETI-supported employees are paid higher wages on average, have more secure employment, and have improved prospects for skills development and indefinite employment.
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