The Sunday Mail
Norman Muchemwa
The 2020 National Budget is youth-focused, as it aims to create employment and better the lives of young people in the country, Finance and Economic Development Minister, Professor Mthuli Ncube, has said.
Addressing the media during a post-Budget media briefing in the capital Friday afternoon, Professor Ncube said he is yet to come across a budget so friendly to the young people like the 2020 National Budget.
He added that Government wants to put more emphasis on the demographic dividend of young people.
“On the issue of job creation, we are mainly focusing on the youths, I have never come across a youth-friendly budget than this one. Some people may be wondering why there is so much focus on the young people,” said Professor Ncube.
“We want to harness on the demographic dividend, this group is very important. We have come up with a rebate for every company that will employ a young person for at least 12 months. This is really fantastic.
“We have launched a venture capital fund to the tune of $100 million, even if this cuts across all age groups we will make sure that there is a portion specifically for the young people,” he said.
The budget introduced Youth Empowerment Tax Incentive (YETI) that will go a long way in helping young people to get into employment.
Under the Budget, a fiscal incentive was introduced to support employers who generate jobs for young job-seekers. Any additional job created will attract a percentage tax rebate to the employer, linked to the employee’s salary.
This measure will reduce the employer’s cost of hiring young people through a cost-sharing mechanism with Government.
To operationalise YETI, the Ministry of Finance and Economic Development will work closely with Zimra, the Ministries of Justice, Labour and other relevant organisations to work out the respective legal and administrative framework.
Turning to the mining sector, Professor Ncube emphasised Government’s commitment to make the $12 billion industry achievable by 2023.
He also underscored commitment from Treasury, working with the Ministry of Health and Childcare, to improve working conditions in the health service delivery sector adding that the process is not a one-day event but an evolving one.
Government, he said, will also intensify food distribution in both rural and urban areas to cushion citizens from hunger and also added that over a million households have so far benefited.
He bemoaned Cyclone Idai as well as the drought that hit Zimbabwe during the 2018-2019 agriculture season saying this has compounded the situation in the country.
