BUSINESS NEWS - The Jobs Fund are pleased to announce the opening of the Supporting South Africa’s Post-Pandemic Economic Recovery funding round.

Our country finds itself confronted with an unprecedented level of unemployment. Even before the COVID-19 pandemic, South Africa recorded the deepest and most persistent unemployment challenge globally.

The 2021 Quarterly Labour Force Survey (QLFS) reported that in the third quarter the unemployment rate was 34.9%. If discouraged work seekers are included, the unemployment rate rises to 46.6%. 

Youth are disproportionately affected, youth aged 15-24 years and 25-34 years recorded the highest unemployment rates of 66.5% and 43.8%, respectively.

Beyond the devastating health impacts, the COVID-19 pandemic has had a profound and sustained economic impact domestically and abroad. The hard lockdown resulted in output levels for 2020 dropping to levels last seen in 2013. 

According to Stats SA, roughly 409,000 fewer people were employed in the third quarter of 2021 than the previous year's third quarter. On the back of the COVID-19 pandemic, the President had proposed an Economic Reconstruction and Recovery Plan for South Africa. 

In his State of the Nation Address on 10 February 2022, the President re-emphasized the importance of putting South Africa to work and provided further direction on the key enablers for economic growth. 

Achieving these objectives requires a whole of society approach; the Public, Private and Non-State sectors must work better together and find innovative solutions to scale economic and social impact.

Through its current partnerships and by bringing on board new partnerships, the Jobs Fund seeks to contribute to the call to action - Putting South Africa to Work using a proven implementation approach and team to drive change, innovation and scaling solutions for employment creation.

The Jobs Fund invites applications that will implement a systems approach to:

• Accelerate the growth of entrepreneurs/ business owners.

• Better address problems at the local level and drive systems change (local economic development).

• Build human and institutional capacity and contribute to transitions from dependency to sustainability.

• Develop economic sectors with growth and high labour absorption potential (a focus on youth and women will be an advantage).

• Build eco-systems of support for the informal sector.

• Develop appropriate financial instruments, value chain development, and market access that will unlock the trapped potential in economic sectors that can contribute to the acceleration of employment creation.

• Address both labour demand and supply barriers.

• Scaling Social Impact with a specific emphasis on employment creation.

Applicants must clearly demonstrate the path to sustainability and the breakthrough solution for employment creation i.e., key success factors for a competitive application include jobs created and scaling impact. 

Furthermore, applicants must articulate how the intervention will ensure success in the current Covid-19 context and contribute to the post-pandemic economic recovery.

The Jobs Fund has pre-determined eligibility criteria to ensure that each project that proceeds to the business case application stage has the minimum operating experience, infrastructure, administrative capacity to successfully implement the proposed project and demonstrate value for money for the Jobs Fund. 

The assessment process commences with a strict appraisal of the project and its compliance with the eligibility criteria.

For more information please visit our website www.jobsfund.org.za.

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