Employment and Labour | Massive increase in TERS budget: Viwe Mlenzana

The Department of Employment and Labour has announced an increase in the budget for its Temporary Employer-Employee Relief Scheme (TERS) from R400 million to R2.4 billion, for the current financial year. The boost aims to assist companies in distress and prevent employee layoffs amid unstable economic conditions. The CCMA has recorded job losses as a result of retrenchment for the 2023/2024 financial year. The commission also reported that out of 38,428 employees who were likely to be retrenched, 14,887 jobs (39%) were saved through interventions. TERS is an intervention by the Department of Employment and Labour that provides financial assistance to companies in distress for up to 12 months. Viwe Mlenzana, Acting Director-General Department of employment and labour For more news, visit sabcnews.com and #SABCNews on all Social Media platforms.