Deputy Speaker, it gives me great pleasure to stand before this honourable House and deliver my maiden speech on the Employment Tax Incentive Bill. I would like to express a special word of thanks to my party, the IFP, and its members for their confidence in me.
This Bill comes at a time in which we find sweeping unemployment in South Africa, with this year's second quarter figures officially topping the 25% mark, yet with many pundits stating we are actually closer to 40% unemployment. Our Minister of Finance recently stated upon his introduction of this Bill that we currently have some of the highest rates of unemployment in the world. This intervention is therefore wholly welcomed and absolutely necessary.
Our youth unemployment remains at critical levels, and this Bill will hopefully incentivise employers through tax breaks to employ young people between the ages of 18 and 29, as currently our youth are experiencing extreme difficulty in securing internships or first-time gainful employment, which is necessary in order for them to build their future careers.
The government, through the National Development Plan, has set itself the goal of creating 11 million jobs by the year 2030. Without faster economic growth this challenge of creating sustainable jobs will not be met.
We, as the IFP, would like to see a holistic approach to job creation. This would encompass changes to our labour laws, which would make it easier for smaller businesses to create jobs; provide easier access to capital for small businesses and new entrants into our economy; improve our transportation infrastructure; and liberalise our communication sector.
Whilst we do not advocate an overinterventionist state, but prefer that greater emphasis be placed on the role of the private sector in promoting economic growth and employment, we do recognise that the state must get involved, and the important role the state can play as a catalyst for growth.
There is national consensus on the need to open the doors to youth employment by means of the youth incentive plan, and there are perhaps issues which could be explored further in the future. We cannot let our youth down. This is the time to be courageous.
In conclusion, the IFP supports the Employment Tax Incentive Bill, and we look forward to seeing the creation of real and sustainable jobs as a direct result thereof. I thank you. [Applause.]