At the end of 2021, the Quarterly Labour Force Statistics (QLFS) for quarter three were released painting a grim unemployment landscape. Two-thirds of South African youth aged 15-34 are not working (61.3%, expanded definition). This is a crisis that must be dealt with for the sustainability of not only our industry but the broader economy.
SAMED partnered with the Youth Employment Service (YES) in August 2021 and we are proud of the 1301 work experiences that have been created by the 31 participating members. This equates to R73 376 400 injected into local economies through YES Youth salaries. These salaries make a huge impact on the youth who more often than not have dependents. As an added bonus, 11 of the participating companies have gained one level up and seven have gained two levels up on their BBBEE scorecards. It’s a win-win-win, for the company, country and youth.
We are so grateful and proud of this achievement, but we know that our members can have an even greater impact, not only on youth unemployment but also on the sustainable transformation of our sector as a whole. We urge medtech leaders to learn more about SAMED’s transformation plans and the YES programme through the upcoming SAMED CEO Forum on 10 February 2022 from 08:00 – 09:00. This is an opportunity to lead industry discussion, learn from your peers, share successes and challenges, inspire fellow medtech executives and transform the sustainability of our sector.