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Times have changed, let’s create jobs!

Executive pay and dividends on the chopping block in the drive to retain jobs.

Organised business on Thursday gave an undertaking that companies will do everything possible, including cutting executive pay and dividends, to prevent retrenchments and retain jobs.

This, together with a commitment to buy local products and promote exports, is among the interventions that have been planned to deal with the country’s huge unemployment problem.

President Cyril Ramaphosa announced this and a wide range of other plans for job creation. He also signed an agreement with organised business, labour and community representatives for the implementation of the plans.

Ramaphosa was addressing delegates on the first day of the two-day Jobs Summit he is hosting in Midrand, Gauteng.

The stakeholders have been working on the plans since February when Ramaphosa announced his plans to hold a Jobs Summit during his State of the Nation address. They have also agreed on mechanisms to monitor the implementation of the plans, aimed at creating 275 000 new jobs within a year.

Ramaphosa emphasised that this is only the beginning of a process to remove economic stumbling blocks and revive the economy

He looked confident and there was a general mood reflecting the belief that the lack of trust between social partners during the Zuma presidency could now be replaced by cooperation in the interest of the country and for the benefit of its people, particularly the poor and vulnerable.

Several speakers referred to the devastating effect of corruption and state capture on the economy and the stakeholders signed an anti-corruption pledge.

Ramaphosa said all social partners have committed themselves to avoid retrenchments and supporting struggling companies. To this end the Training Layoff Scheme, which was introduced in response to the 2008 global financial crisis, should be immediately revived and improved, he said. 

Business and government will establish a rapid response team of experts to assist businesses in crisis and “there is agreement that all possible alternatives and opportunities need to be explored before retrenchment is considered, including executive salary sacrifices and the foregoing of dividends,” he said.

The agreement provides for local procurement by local companies, government and consumers to stimulate local demand. Ramaphosa said the most direct way for South Africans and South African companies to create jobs is to buy only South African products. “This is a message that must reverberate across the country and that must find expression in concrete action,” he said.

The agreement outlines interventions in specific sectors and companies to achieve this goal. Several companies have already made commitments to local procurement, Ramaphosa said. These include Adcock Ingram, AngloGold Ashanti, Clientele, Coca-Cola SA, Edcon, FirstRand, Lixil, Mondi, Nando’s, Nestlé, AB InBev, Sappi, Sasol, Standard Bank and Tsogo Sun. 

A further intervention is to aggressively promote export with a priority on labour-intensive sectors like manufacturing, mining, and agriculture.

“Social partners have agreed to unblock impediments to expanding exports – such as inefficiencies at ports and poor knowledge of potential markets – and to ensure greater support to companies seeking export opportunities,” Ramaphosa said.

The agreement deals with financing, which Ramaphosa said will be mobilising finance on a far greater scale, “ensuring that it is focused on building our manufacturing capacity.”

The financial sector, as part of its transformation code, will invest R100 billion over five years in black-owned industrial enterprises, he said. “Government will work with the financial sector to develop facilities for financing at preferential rates and extended repayment terms.” 

Other focus areas of the agreement include agriculture and the agro-processing value chain, with plans to expand the area of land under cultivation through land reform, increase the number of people productively working the land, and provide rural dwellers with the ownership and tenure rights needed to unlock the economic potential of their land, Ramaphosa said.

“In addition to government initiatives amounting to approximately R600 million, Agbiz and the Banking Association of South Africa have developed a blended finance model designed specifically to make additional funds available to assist potential redistribution beneficiaries to access capital,” he said. 

Other plans include finalising an export tax on scrap metal and a focus on the manufacturing industry in clothing, textiles, leather and footwear, furniture, and the automotive sector. 

Social partners will work together to strengthen small, medium and micro enterprises (SMMEs) and ensure implementation of the 30% set aside for them by all spheres of government and their agencies. 

Technical training of young people is a priority and will be addressed through partnerships with Technical and Vocational Education and Training (TVET) colleges, where the colleges offer the theoretical component of the programme and companies offer the practical and workplace components. “This is part of a series of initiatives supported through the framework agreement to ensure that graduates are absorbed into the economy,” Ramaphosa said.

He said job creation is part of a virtuous cycle. “Greater employment increases demand for goods and services, enabling established companies to expand and new ones to emerge, thereby creating more job opportunities and greater demand.”

The agreement will further support economic reforms such as the streamlining of water licence applications and the registration of medicines. About R50 billion of public funding will be reprioritised to stimulate job creation in agriculture, township economies and rural areas, Ramaphosa said. “Government has also prioritised the revitalisation of industrial parks, primarily in townships, which will create job opportunities in areas where many of our people live.”

Government will establish a township and rural entrepreneurship fund to support South Africans with businesses in those areas and will fill critical medical posts, including nurses and interns.

The summit ends on Friday.

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Problem is this is not how business works. Someone will out optimise you and you will go out of business, especially in a global marketplace.

That’s assuming you’re still in business after shareholders take their funding elsewhere that offers dividends.

I agree but only to a point. All corporates for eg can review their spending. Why for example do tens of millions get ploughed back into the usual law firms and advisors and asset managers and IT companies when there are heaps of small start up firms that can offer as good or better services.

The internal processes in corporates need to be refreshed, too many people follow the same tick boxing because they cannot be bothered or are too scared to drive change.

The IT budget of each of the major banks is >R15bn. Dont tell me there is no room to spend in a better way !!

Well said!

Going from big firms to small companies is just shifting jobs surely?

IT is a huge driver of a banks budget because it is a massive element across the board, not hard how they see spend that sort of money on maintaining and improving banking systems, it is really a critical path for them and If I was in charge of a 100bn bank then I’d be hard pressed to switch to a smaller provider for a system that manages trillions each year.

” Why for example do tens of millions get ploughed back into the usual law firms and advisors and asset managers and IT companies when there are heaps of small start up firms that can offer as good or better services.”

Support this statement.

If not pure nonsense; reality is that small firms simply do not have the capacity to do bigger jobs. Common-sense actually.

FACEPALM!

More jobs via more handouts. The same mentality as trying to tax yourself into prosperity – iow it is like standing in a bucket and trying to lift yourself by the handle (credit to Winston Churchill).

Simple: if you cannot compete, you cannot survive, the fundamental verity of evolution. There is nothing competitive about fake jobs, a fake middle-class and fake money.

Look north to the USA: remember the buffoon that was in charge before, the worst president in US history that claimed, ‘those manufacturing jobs will never come back’. Well, manufacturing jobs in the USA, are growing faster than it has in more than two and a half decades!

This is what happens to a place under siege of the left – it implodes under hand-outs; it spends other people’s money; fabricates a fool’s paradise believing that money grows on trees and worst of all – that you can create anything (most of all jobs) via handouts.

Ramamamparra is a stooge no different to the fool before him…

Methinks someone watches too much Fox news, anyways.

As much as I dislike the ANC and the almost irreversible damage they have done to SA, to look at the US and more importantly Trump and say “Look how great it is since Trump!” is very illogical.

Business cycles don’t care who the president is, sure a president might delay/extend a cycle but nonetheless they don’t care, the US is probably on its last legs of its expansion cycle, those rising rates are going to prick the Trump cheerleader bubble in the not too distant future, Trump has done nothing magical.

The last 7 quarters Obama (again not his doing a business cycle) saw average GDP growth of 2.5%, the first 6 of Trump it was 2.6% and before you mention the one quarter of 4% Trump just had remember “the worst president in US history” had one quarter of 5%.

Quantitative Tightening is here, that combined with probably the last thing the US needs, a trade war with China, Trump will be VERY lucky if the entire house of cards doesn’t come tumbling down before the end of his term.

US and SA are different kettles of fish.

US can only grow manufacturing jobs via – higher productivity of labor like Germany or.. importing cheap labor to work inside the US. Massive tax cuts will result in some local jobs too (but now they’ve shot all their bullets so what to do in next recession?)

SA can grow manufacturing base by free labor markets and higher productivity (See Botswana). Both are going to be a massive challenge and likely won’t happen soon.

And then.. we there is the automation revolution coming soon that will kill many jobs everywhere.

Also verifiable facts preferred over the left and right conspiracy rhetoric. We don’t need that US garbage exported here.

Well said and absolutely accurate. Ramaphosa had his wealth thrust upon him. Never started and grown a business in his life. I think it’s becoming very obvious that we overestimated his abilities. The only slack I will give him is that he may have to get thru the election successfully to wake up and lead the country successfully after getting rid of the corrupt cadres around him who should be in prison.

Yes, lets create jobs now at the switch of a button? just like that?

It is almost a miracle when a company is created and successful, so much sweat and hard work goes into creating one, the timing has to be perfect, the product has to be perfect.

And then comes government(The Tsunami) and nearly destroys it all.

Government should be the “Referee” to assist with infrastructure and laws, and stay out of Business as 99% of Politicians know nothing about Business.

We are in this predicament because of government interference in the Economy.

“Ancongres-uim”, the newest element (Anc-A1)- the heaviest element known to science was recently discovered by material researchers as SA-Intellect. The new element, tentatively named “Ancongres-uim”, has no protons or electrons, and thus has an atomic weight od “0”. However it does have one neuron, one vice neuron, 348 assistant neurons, this gives it an atomic mass of 350. These 350 particles are held together in a nuclease by a force that involves the continues exchange of particles called morons. Since it has no electrons, “Ancongres-uim” is totally inert.

Due to the fact that light travel faster than sound “Ancongres-uim” appear as a bright element, until productive action is necessary.However it can be detected chemically, since it impedes every reaction it comes in contact with. According to SA-Intellect a tiny amount of “Ancongres-uim” caused on reaction to take months to complete, the normal reaction time is less than 1 day. “Ancongres-uim” has a half live of approximately 4 years, at which time, it does not actually decay, but instead undergoes a reorganization in which neutrons, vice neutrons and assistant neutrons exchange places.

Study shown that the atomic mass usually increases after each reorganization. Research also indicates that “Ancongres-uim” occurs naturally in the atmosphere, where it tends to concentrate at points such as government buildings, SOE’s and municipalities. The scariest point is that “Ancongres-uim” is known to be toxic at any level of contamination and can easily destroy any productive economy where it is allowed to accumulate.

Attempts are now made to determine if “Ancongres-uim” can be controlled to prevent irreversible damage, but results to date are not promising.

Finish the sentence. ” Let’s create jobs, for the ANC well connected and their families.” You know with rhetoric like this, one would think there’s an election coming up?? Oh wait, THERE IS!!

Well qualified 25 year old males continue to face racial discrimination when looking for jobs.

Yep – I’ve coined a new acronym for this: F&F Family & Friends.

Why did we wait 25 years for this wonderful solution to be implemented. Surely we could have avoided junk status at least?

If I could believe that there is a remote hope of creating 275 thousand jobs per year it would still mean an increase in unemployment. The population growth is around 1.5%, which means around 800 000 extra people a year. The number of imaginary jobs created is less than a third of this.

Not to nitpick but you know those 800K new citizens are babies right?
Like it would probably be 18+ years before any of them would have to worry about a job.

If you look at tradingeconomics you will see we have a 59.1% employment participation rate and 6.1M unemployed persons.

So 250K jobs for the 6.1M people looking for one gives you a 4.09% decrease in unemployment, theoretically at least.

What about the new labour market entrants (matriculants, other school leavers, university graduates, immigrants,etc.) each year? You must look at the complete picture. Adding 250K jobs will be great, but SA requires a sustained and accelerated increase in the number of jobs created each year to catch up on the currently large unemployment figure. For instance about 400K people are writing matric this year (they were born 18+ years ago!). This gives you a minimum ballpark figure of young people who will be looking for jobs every year, the actual number is higher.

@PJJ You seem to mix up population growth with the number of babies born. Population growth= Number born + new arrival into the country – number of deaths – people leaving the country. In most European countries the population growth is practically zero or in some cases negative, so there is no need to create new employment. The number of people employed is about 13 million, if one works on about 40 years of working life it means that about 300 thousand go on pension a year so they will need replacement. Of course I know that the newborns are not looking for a job yet. The ones born 18 years ago which was about 750-800 thousand on the other hand are entering into the job market and the 275 thousand new jobs and adding to this the 300 thousands who replace the number retiring still increases the number of unemployed by at least 200 thousand!

@PJJ Sorry, the number of babies born in SA is about one million a year, the number of deaths is less than half of this according to STATSSA. It seems that the number of new immigrants, legal and illegal still way higher than the number of emigrants, this is why after deducting the number of deaths the population is still growing 1.5%, not 1% one would expect from the births and deaths.

You can only create jobs when there is no one stealing the money!

The ANC have to stop the corruption.

Paying dividends is not a stumbling block for economic growth and job creation, it is the fuel that will drive an economy.
If I do not get a return on my investment I will not invest there. Capital growth alone does not suit my needs.
Who advocates such nonsense!

All I can say is their is a glimmer of understanding in a Cargo Cult sort of way from Cyril and jobs; obviously something has finally penetrated. Elsewhere it’s reported that he mentioned so-called “super foods” avo’s, nuts and berries. You dolt. What took you so long and how are you going to implement? You’ve been running down those who are producing these fad foods down since you arrived; threatening EWC, poo-pooing their security. Your “agriculture department” can’t even read letters, let alone reply (black spot in citrus), Now you think you can start cultivating specialist crops on a large scale overnight without the help of experienced farmers who have the SA misfortune of having a white skin? Good luck.

Your only chance is to be humble and non-racist; something only Mandela in the whole rotten ANC ever got partly right – the rest of you have squandered his legacy and destroyed his good work. Get help from those who know, resist enriching yourself and your chums (ha ha), encourage small scale business regardless of race and set and example of appointing only the hard working, experienced, qualified and competent; regardless of race. Bring unions to the party.

It’s simple but hard – and you’ve never liked hard work so unlikely.

The only change that can save jobs and maybe create some employment opportunities is if the ANC burned its manifesto, and adopted the economic policies of the UDM, IFP, FF+ or the DA. The ANC is a socialist organisation that can only cannibalize the economy, redistribute a shrinking tax base, expropriate assets that are declining in value, and force owners of cash-strapped businesses fund BEE partners. The ANC itself is a black hole in the center of the economy. There is nothing the ANC can do to turn things around. There are many things that can be done, but it won’t be done by the ANC.

It is relatively easy to bring unemployment down to 6% from the current 30% (50% really). Simply embrace free-market policies, privatize all SOE’s, break up Eskom, scrap BEE charters, return mineral rights to the owners of the title deeds, break the power of labour unions especially SADTU, set minimum standards for teachers and government employees, employ only the most capable people irrespective of race, honour property rights, lower taxes and give title deeds to people on traditional land.

As South Africans we are sitting on a gold mine, but the ANC is mining in a pit latrine.

The solution is about 8 months away. Vote out the ANC, vote in the D A , Cope and other market friendly parties and see the economy turn around quickly and unemployment fall.

I wonder whether there was a mention of our dysfunctional SA Post Office. It is impossible to trade within the country and within the global sector as whatever you buy/sell needs to be moved through expensive couriers. No postal service exists in SA which supports job creation and small business development. How can this be ignored? How can we compete globally? Does the government know how important the role of the postal service in the economy is? It would seem not.

Why would you want to use the post office to provide for your shipping needs when the private sector can do it better and cheaper?

Lets take the US postal service as a example if I wanted to ship a piece of computer equipment like the one I recently did.
In the US with USPS I would have had to take the Medium flat rate box shipping option, If I was a commercial business I would have gotten the 12.85$ option, or if I was a individual I would have had to pay 13.65$

The price in SA? Courier guy R100 delivered to the receivers door.

Maybe there will be a private post office soon offering post boxes, mail delivery etc. Couriers are fine for certain things, but they are not a post office. USPS prices should not be SAPO prices. Perhaps a courier company will have the vision to take over the post office function totally. There is a huge market waiting for them.

@Ludwig Combrinck

I hear you, but maybe its just my millennial mind working at its best, but I don’t see a future for mail delivery, I don’t have a mailbox never have, never will, if I am required to provide a mail delivery address I just provide my in-laws, and I try my best to ensure that everyone that wants to mail me something rather sends it via email, and thus far it works, every once in a while my mother-in-law might have something worthwhile that came in the mail.

Hats off for the spirit in which they are trying to tackle the problem, but government is leaning too hard on the private sector and weighing it down. Cutting executive’s pay and dividends is maybe going to bring in a couple of million and save a few thousand jobs. The executives is going to go look for work elsewhere, thus loosing capable people and investors are going to go look for returns somewhere else etc. etc. Government should start in-house, clean up SAA, Eskom etc that is costing us billions, rather privatize these institutions and let them make a profit, which government can gain taxes from. Fire ineffective state employees and give the jobs to people who really want to work, just imagine phoning the Department of Home Affairs and actually getting an answer. Government is looking at wealth and wealth creators the wrong way. Rather than complaining about white capital monopoly they should see these stalwarts as a rich source of taxes. Education and competition is key.

“The financial sector, as part of its transformation code, will invest R100 billion over five years in black-owned industrial enterprises, he said. “Government will work with the financial sector to develop facilities for financing at preferential rates and extended repayment terms.”

Do the banks know this yet?

This article left out one crucial piece of information. I quote from Business Day:

“The final agreement commits government to an undertaking that “there will be no retrenchments in the public sector”. ”

This kite is not going to fly – no further comment necessary.

Cart before the horse.

You can’t have employment unless you unblock the labour laws/unions causing unemployment.

So good luck with this one:

A further intervention is to aggressively promote export with a priority on labour-intensive sectors like manufacturing, mining, and agriculture.

The central planning economic thinking of the ANC will not work, has not worked, will not ever work. The recipe book of the ANC always produces a flop.

Government cannot create jobs, legislate job creation, it can only create an environment which is conducive to economic growth and employment.

Unions …biggest destroyers of jobs…
US Capitalism = 4% unemployment
SA hell knows what = 27% unemployment
not a difficult choice ..but we know power for the ANC, EFF, etc means money…they feel zero for the rest of SA citizens

Unless the government come to the party and change policy drastically then this initiative will be nothing more than a flying dung-beetle

The government cannot find the party let alone create a policy change. Besides not knowing how to improve the economy they really don’t care, it’s only their interests that they care about. If they really cared they would listen to people who DO know how to fix the problems, maybe start by just reading some of these comments by people with experience and common sense. To actually turn the economy around and get it going like Trump is doing in the USA they have to stop pandying to socialistic politics and ignorant voters. The voters already support them no matter how bad they are making their lives so if they change tack they would most likely still vote for them but in due course the economy would improve to their benefit. Mind blowing idiocy.

Cyril says he is a socialist.

’nuff said.

this is what CR actually meant – “I can assure you that the value of the average SA business will continue to increase”,
– SA Business ” that’s because there will be fewer of us, doing more,…contributing to the country’s, right?
– CR”Right, Except for the US part.”
– SA Business “But for this plan to work we need a government who is responsible”
– CR”Right, and that’s why the ANC government is the one you want, for the last 24 years every time, anything went wrong, the ANC was responsible”

Such pipe dreams. And while they are dreaming and enjoying this expensive catered conference, more and more people are out of work.
1. Cutting dividends means that the investors returns are diminished. Was it the investors that created the unemployment mess, or Government policy and their allied laws and state capture? Why should the investors get a lower return on their money while the government is bloated and should be reduced first as a show go goodwill?
2. Just how is a quarter of a million jobs going to be created and with what resources? Once again this is all talk and a pre election attempt to pull the wool over the eyes of the voters.
3. Remove all the cumbersome and restrictive labour laws. Nobody will employ anyone while it is difficult to get rid of the dead wood or bad workers without spending lots of time, money and energy trying to fix incompetence or wrong choices.
4. Give tax breaks to Employers who take on new staff and spend money on training.
5. Speed up the judicial system for those involved with disciplinary procedures.

Well said.

As with every “challenge” the solution is more of the same.

And as its crown jewel, the creation of a new ANC slush fund.

I wonder how many captains of industry attended Zwane type shakedowns at Luthuli House before they agreed to this miracle.

Perhaps the holders of BEE shares can volunteer to forfeit dividends for the next five years?

Population growth makes a mockery of these plans. Statistics SA recently showed the pop growth rates since 94: Indian and white populations stayed more or less the same, the coloured population increased somewhat and the black population increased by 50%, from 30 million people to 45 million people now. That is a major cause of the poverty and unemployment.

Further, colonial government did not make the grade, neither did apartheid government and clearly the liberation party cannot govern. It is time for a new government, based on integrity and accountability and leadership with vision and drive.

Two child max policy would help with this.

China’s growth may be controversial but no doubt their policy reduced poverty.

A positive start Mr President. Now we need a summit on Corruption and a plan how we start arresting and recover the money stolen by the Guptas, your Cabinet Ministers etc. Recovering this money needs to be channeled into these projects. Tom Monyane needs to be fired now. Time to show your tough side. Forget about the Politics you will get reelected next year.

WallyStowe

SA will be worse off with reduced dividends to pensioners and other investors.

CR has completely lost it.

as long as the economy stays bad no jobs will/can be created…..on the contrary jobs will continue to be lost.

Mr President, Yes….but LET’S REDUCE CRIME FIRST!!

…and, how about DROPPING Individual tax rate to 20% cap, and Corporate tax rate to 15%??? And scrap Dividend & CGT tax??

(THAT WILL get the economy buzzing!)

I hope I’m wrong but my belief is that South Africa is on the road to oblivion. You cannot treat a country and its people like the ruling party has done and expect anything else. It is an indictment on the ANC that after years and years of massive unemployment they suddenly get enthusiastic about creating jobs. Having all but destroyed systems such as education and policing you can feel great sadness for those most impacted, namely, the ordinary Black man and woman. The obsession with race is greater than ever before and people are so hate-filled that they cannot possibly think straight on any issue and make sound decisions. The ANC, an organisation that goes back over 100 years, should be the global experts on why countries fail yet seem hell-bent on making all the same mistakes as failed nations. Just think about it: They are promoting job creation while pursuing EWC, having done nothing about crime and making industries such as mining more unattractive. The decline of South Africa is an enormous tragedy and with half decent leadership it would not be this way. Finally, the eagerness with which racial divisions and racial hatred are promoted by the likes and ANC, EFF and BLF shows we have not learned a single thing from our unfortunate past.

If a president cannot speak out to his nation about the burning of trains, buses, municipal buildings, stealing of cables, killing farmers etc. Then he waste his time to try and create more jobs for the lawless, striking countrymen and woman. Can he not realize that it is a minority of people that create the unstable conditions in this country? What is he afraid off?
Mr President, sort out the lawless lazy crooks first, they will just destroy what you plan to build up. While you were in the USA, your country was burning and your farmers got attacked. Or maybe you think they are not your farmers, better you tell them.

I feel the same Market and was puzzled and disappointed that seemingly sensible Cyril did not act against these vandals and thieves, let alone the corrupt in government. But I had an epiphany and an unpleasant one. Those vandals are either EFF or ANC voters and he’s trying to make them all ANC voters so he’s not going to act against them; at all. He’s going to try and appease them. You (I guess) and I (I know) will never be ANC voters and are in the hopeless minority anyway. We (me anyway) are useful, but only to blame for the past and use as a distraction to EWC our property, to offer those same vandals and looters something for nothing. While he and his ANC chums continue to bumble, steal and loot. So he does not care one jot what we and our kind squeal about, truthful and sensible as it may be. His bread is very well buttered elsewhere.

That be the sad reality of the ANC’s SA.

Not sure who the business reps were that agreed to cut dividends but that is not their call to make, they will quickly find themselves replaced if they start making poor capital allocation decisions like that.

If they are serious about jobs then you need to incentive manufacturing on a large scale with concessional debt and tax incentivies, plus you can’t have minimum wage unfortuntely.

They should really try push the apprenticeship model that Germany uses, basically very low cost labour which is trained and then enters the economy as skilled labour, makes a lot of sense from a logical point of view.

Renewable energy is a good example of just dumb policy, you have a big utility programme that you put the breaks on and are trying to block companies from installing their own generation. Why not embrace it, it is coming either way. Bring in electric cars, put big effort into renewable energy equipment manufacturing and make SA a leader in the industry. Ironically, we could have some of the cheapest energy in the plant to fuel that sort of industry.

Ramaphosa seems to have good ideas but when those ideas going through the ANC wrecking machine, it eventually comes out as half baked policy i.e Visa programme, mining charter etc.

Excellent para 1.

The shareholders own the company not management

“.. is to buy only South African products”. Serious? That is your solution?

Blah, blah, blah, heard all this before, just election talk. The ANC cannot get rid of corruption because they are inherently corrupt.

And after recent investigation, “Ancongresium” is now known to react positively with “Guptorium”, yet another toxic element whose origin was unknown until 2003 when it was first introduced into S.A. Neurons are exchanged in the reaction by way of catalytic inducements and the outcome appears to add multiple digits to Swiss bank accounts.

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