Nqobile Bhebhe nqobile.bhebhe@chronicle.co.zw
FINANCE, Economic Development and Investment Promotion Minister Professor Mthuli Ncube has revealed that no single company has taken up the Government’s employment incentive schemes designed to stimulate job creation and uplift vulnerable groups.
Prof Ncube, who has been vocal about the importance of employment incentive programmes in Zimbabwe, said despite the availability of tax rebates for companies that employ young people and persons with disabilities, there has been no uptake from the corporate sector.
He made the remarks in his elaborate responses to National University of Science and Technology (NUST) economics students at a high-level academia-industry engagement held in Bulawayo last Friday, where he outlined measures to accelerate industrialisation and drive inclusive economic growth.
“Our intention is to give incentives to companies on their employment models.
“A few years ago, I introduced an incentive to say if a company employs anyone below the age of 35 they get a tax rebate equivalent to the sum of their investment.
“I then went further and introduced initiatives for companies that employ those with disabilities.
“We are trying to increase levels of employment,” said Prof Ncube.
He, however, expressed concern over the lack of response from industry.
“But no one company has ever come to me to claim the rebate but that incentive is still there,” he said.
Prof Ncube introduced the Youth Employment Incentive (YEIT), which offers tax exemptions to companies that employ youths below 35 years of age, as part of efforts to support the socio-economic development of young people and encourage corporates to invest in youth employment.
In addition, he has proposed targeted tax incentives for firms operating extended production cycles, a move expected to boost job creation particularly within the manufacturing sector.
The employment incentives form part of the Second Republic’s broader economic reform agenda anchored on fostering sustainable growth, enhancing industrial productivity and improving livelihoods.
The Government has consistently underscored the centrality of job creation in achieving Vision 2030, which seeks to transform Zimbabwe into an upper middle-income economy.
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