Economic Recovery and Social Compact to support Eskom
Scope of Work
Presidential Jobs Summit
Nedlac hosted the Presidential Jobs Summit in October , 2018.
The role of the Jobs Summit is therefore systemic and pragmatic and aims to facilitate, enable and unblock a range of existing initiatives in support of jobs, and hold social partners accountable through monitoring implementation.
The primary responsibility for programme and project implementation remains with the social partners and their constituent members.
Refocusing the 2018 Job Summit to Support the Economic Recovery Plan: Placing Employment at the Centre
The President requested the stakeholders to forge a compact to support the building of a new economy in the wake of the impact of COVID-19 as well as pre-COVID weak economic growth.
Social Partners have agreed to build on the Job Summit partnership to support a national plan for a new more inclusive economy.
On the 15th October 2020, the President announced the Economic Reconstruction and Recovery Strategy which incorporated the Social Partner’s Economic Recovery Action Plan agreed to in the second quarter.
The Action Plan sets out firstly, immediate or short-term measures which were determined on the basis of delivering against the following criteria: building confidence; kickstarting the economy; deepening industrialisation through localisation; delivering quick wins and continuing to provide relief to mitigate the impact of the Covid19 pandemic.
Secondly, the social partners commit to simultaneously implementing medium- and longer-term structural reforms and other programmes, which will enable sustainable and inclusive, transformative economic growth on an employment intensive trajectory.
Eskom Social Compact
Framework Agreement for a Social Compact on Supporting Eskom and Revised Implementation Plan
The social compact sets outs steps that each social partner will take to stabilise Eskom so that there can be an efficient, reliable and affordable supply of energy which will enable sustainable job creation and inclusive economic growth.
It includes the social partners working together to identify and support innovative and cheap funding mechanisms that aims to reduce Eskom’s debt, access fresh capital where required and preserve the integrity of the financial system.
The social compact includes interventions which will show results in the short, medium and long term.
The social compact was signed on 9 December 2020