Large companies should cut bonuses to managers and dividends to shareholders and use the money to create jobs for the unemployed instead.
These are among the sacrifices Eastern Cape premier Oscar Mabuyane believes corporate SA should make to help address the unemployment crisis.
“In times like these, all of us, especially those in the private sector, are required to sacrifice by directing some of the money that would be paid as dividends to shareholders [and] bonuses to managers, to create jobs for the scores of unemployed people, which includes unemployed graduates, [and] save the jobs of many workers at risk of losing them,” the premier said on Wednesday.
“We have an opportunity to work together as leaders of sectors to create these opportunities for the people of this country using the investment [and] manufacturing incentives the government has made available to private companies.”
Mabuyane was reacting to the latest labour force survey statistics released by Stats SA on Tuesday, which revealed that unemployment in the Eastern Cape grew by three percentage points to 39.5% between October and December.
During this period, the number of unemployed people in the province increased by 18,000.
The survey revealed that, in total, there were 904,000 unemployed people aged 15 to 64 in the Eastern Cape at the end of December.
“It is in the interest of all of us in the country to ensure that we create jobs for those unemployed, give business contracts to the small businesses of our country so that