Did you know that it is predicted that by 2030, small businesses will generate 90% of the 11 million new jobs aimed to be created in South Africa? Speaking about jobs, Ramaphosa said that the Government was reviewing the Business Act and reviewing legislation and affected small and medium enterprises to assist informal businesses with regulatory problems.
“There are too many regulations in this country that are unduly complicated, costly and difficult to comply with. This prevents companies from growing and creating jobs. We are therefore working to improve the business environment for companies of all sizes through a dedicated capacity in the Presidency to reduce red tape,” Ramaphosa said.
“The red tape team will identify priority reforms for the year ahead, including mechanisms to ensure government departments pay suppliers within the required 30 days,” the president said.
A new study by the International Labour Organisation (ILO) reveals that self-employment, and micro and small enterprises play a far more significant role in job creation than previously believed. Data gathered in 99 countries, including South Africa, shows that these businesses – described as small economic units – account for 70% of total employment, which makes them the most important drivers of employment.
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