A leading pharmaceutical company, Pharma Dynamics, has joined hands with the Youth Employment Sector (YES), a private sector led initiative, with the aim of unlocking South Africa’s demographic dividend by investing in skills development and job creation initiatives for the youth.
The company has committed an initial R6 million towards the human capital investment that will give 88 young people an opportunity to gain invaluable work experience in a number of sectors. Over time the aim is to provide a springboard to career advancement within the pharmaceutical and healthcare supply chains.
Pieter Engelbrecht, Pharma Dynamics CFO, says with staggering unemployment rates among young people, addressing this issue is not just a matter of economic necessity, but a moral imperative for the nation’s future prosperity and social stability.
“One of the most pressing concerns surrounding youth unemployment is its detrimental impact on the economy. High levels of youth unemployment stifle economic growth by depriving the workforce of valuable human capital and productivity. Youth unemployment presents a multifaceted challenge that requires urgent attention and innovative solutions, which is why we have partnered with YES.”
“Since 2019, YES has placed more than 139 402 youth in jobs within high growth sectors such as retail, tourism, manufacturing, automotive, SME, green economy and IT. With 53% of these youth coming from grant recipient households, we immediately see the ripple effect across families and communities.”
Engelbrecht believes the investment has the potential to make a meaningful difference.
“With a large and youthful population, South Africa has the potential to harness the energy, creativity and innovation of its youth to drive sustainable development and prosperity. The goal is to partner with YES and, over time, chip away at not only at youth unemployment, but also on focused career advancement through meaningful job experience.
Leanne Emery-Hunter, COO of YES says addressing youth unemployment is essential for building a more inclusive society where all citizens can participate meaningfully in the economy and society.
“Pharma Dynamics shares our vision and passion for the betterment of society through youth job creation, which will make us more effective together.
“By prioritising youth employment and implementing targeted interventions to equip young people with the skills, opportunities, networks and support they need to succeed, South Africa can unlock the potential of its youth and pave the way for a more prosperous, inclusive and sustainable future,” remarks Emery-Hunter.
Dollfacekillah
Tax revenue: Tax Revenue has increased from R100 billion in 1994 to R1,4 trillion in 2016 in South Africa. Not only does this indicate the efficiency of tax collection, but also a broadening tax base in South Africa. Essentially this means that an accessible target market for start-ups has increased and should continue to increase.