Statistics show that about 50% of South Africa’s young people under the age of 25 are unemployed and the unemployed youth account for about 30% of total unemployment. The Employment Tax Incentive effectively shares the costs of certain categories of employment between the Government and employers.
17.02.2014 / Agbiz in the news
What is the Employment Tax Incentive (ETI)?
It is an incentive aimed at encouraging employers to hire young and less experienced work seekers. It reduces an employer’s cost of hiring young people through a cost-sharing mechanism with government, while leaving the wage the employee receives unaffected. The employer can claim the ETI and reduce the amount of Pay-As-You-Earn (PAYE) tax payable by the amount of the total ETI calculated in respect of all qualifying employees. This incentive came into effect on 1 January 2014.
14.02.2014 / Agbiz in the news