Business

Government set to announce social and economic relief measures

By Siphelele Dludla 5m in the past

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THE GOVERNMENT will quickly announce a social and economic relief bundle to help companies and workers affected by the latest civil unrest to get again on their toes.

This was a promise made by President Cyril Ramaphosa yesterday in a meeting with about 90 captains of business that had been impacted by final week’s unrest, largely in Gauteng and KwaZulu-Natal.

The latest unrest is estimated to have impacted 40 000 formal companies and 55 000 casual merchants in KZN alone, with 160 000 individuals prone to becoming a member of the unemployed queues.

Ramaphosa stated the federal government had been working with social companions to finalise an in depth social and economic relief bundle that might help poor households and present help to affected companies and workers.

“This package will include both the extension and repurposing of some of the Covid-19 relief measures and specific relief for sectors affected by the violence like retail and property,” he stated.

“We intend to announce the details of the package within the next few days.”

Ramaphosa assured the business neighborhood that the federal government was restoring and sustaining stability, securing important provides, offering relief, and beginning to rebuild.

The SA United Business Confederation (SAUBC) yesterday warned that civil unrest might simply erupt once more within the nation if the federal government doesn’t deal with job creation.

SAUBC president George Sebulela stated poverty and the excessive unemployment rate within the nation, notably among the many black youth, had been the motive force of the unrest.

“This has been a ticking time bomb for a while. The worst could be coming if nothing is done,” he stated.

Sebulela stated the latest unrest could have dire penalties on South Africa’s investor relations standing and technique.

He stated restoring investor confidence within the nation would show a tough problem since rather a lot might have been protected had it not been for police inaction.

“For investment, if I was an investor sitting anywhere in the world I would be extremely concerned,” Sebulela stated.

“However, unrest is not a new thing and exclusive to South Africa. It has happened in Hong Kong, in the US, and in Paris. It cannot be an arbiter for South Africa’s investment case.”

The authorities ignored all of the warning indicators, Sebulela stated.

Investors have expressed concern after the looting and wanton destruction of business within the nation, with corporations like Toyota for the well-being of their companies and workers.

Uasa commerce union spokesperson Abigail Moyo stated they have been happy Toyota had resumed regular manufacturing at its plant in Durban after uncertainty about the way forward for its operations.

“Uasa encourages all businesses affected by the unrest and Covid-19 to pick up the pieces and fight to keep their doors open,” Moyo stated. “South Africa is in dire need of economic revival and now is the time to make that happen.”

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