R500bn Relief fund: Here are the good news for the unemployed
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The Minister of Finance , Tito Mboweni delivered a budget speech as the country continues to observe lockdown regulations aimed at limiting the spread of the virus.
On 23 March 2020 , President Cyril Ramaphosa addressed the nation on the escalation of measures to battle COVID19. Following his speech ,Tito Mboweni announced a number of exceptional tax measures as part of financial package. Amongst those measure he outlined that tax compliant businesses with a turnover of R50 million or less will be allowed to delay 20% of their employees’ tax liabilities over the next four months and a portion of their provisional corporate income tax payments without penalties or interest over the next six months. This was proposed to assist small and medium sized businesses who are at a higher risk of shedding jobs under these conditions with the aim to keep going while generating very little earnings.
In his speech today(24 June 2020) , Tito Mboweni explained that from mid- June the Unemployment Insurance Fund has provided R23- billion to over 4, 7 million workers affected by the pandemic. He also highlighted that the Economic Support Package has set aside R100-billion for a multi-year, overall response to our jobs emergency. " The President’s job creation and protection initiative will be rolled out over the medium term. It will include a repurposed public employment programme and a Presidential Youth Employment Intervention. In this year, an amount of R6.1-billion is already allocated, and a further R19.6-billion has been set aside mainly for this purpose", said Tito Mboweni.