Business has backed a plan to place 1m young people in paid one-year internships over the next three years in a move that is expected to raise private sector employment by around 3% and generate at least R2bn more in Vat for treasury.The programme, which was signed off by President Jacob Zuma last week, has been developed by the CEO Initiative — a group of top businessmen who have rallied to finance minister Pravin Gordhan’s call to put the economy on a firmer footing.Youth unemployment is among the biggest structural shortcomings of the economy, with almost 55% of people between 15 and 24 years old — roughly 1.5m people — in the labour force not working."This programme, which seeks to place 1m young people aged 18-29 in internships, will have a significant effect on employment," says Colin Coleman, MD and partner of Goldman Sachs.Coleman and Investec CEO Stephen Koseff chair the joint business-government working group that has been developing the concept since May.The initiative ha...
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