At a time when almost half the population is under 25, unemployment among the young (15\u201324) is almost 50%, double the national rate.<\/p>\n
According to World Bank, about 60%of the unemployed have not even achieved the matric qualification.<\/p>\n
The report says that the country is in its demographic window of opportunity and will remain there for around 50 more years.<\/p>\n
Since 1994, its working-age population (15\u201364 years) has increased by 11 million. In the next 50 years, it will grow by another 9 million, peaking in 2065 at about 43.8 million.<\/p>\n
Read: SA unemployment is the economy\u2019s fault: Zuma<\/a><\/strong><\/p>\n The next 20 years alone will see an average net increase in the working-age population of about 280,000 people per year, although this does not necessarily translate one-for-one into an increase in the\u00a0 labor force, given that many young people remain in education beyond their 15th birthday.<\/p>\n As a share of the working-age population, United Nations (2013) projects that the Since 2000 however, the working-age population expanded by 8.5 million people, but jobs grew by only 2.8 million, the World Bank said.<\/p>\n Some 7.7 million people\u2014about 22% of the working-age population\u2014were unemployed or had stopped looking for work by 2014. The unemployment rate (on the narrow measure) was 25.4% or, if discouraged workers are included, the unemployment rate was closer to 34%.<\/p>\n Labor-force participation rates have also remained low, the report said. After initially rising post-1994 and peaking at close to 60% in 2000, labor-force participation rates fell to an average of 57.4% in the pre-crisis years between 2000 and 2008.<\/p>\n The global financial crisis resulted in the labor-force participation rate falling to 55% between 2009 and 2011, but it subsequently recovered to the 57% mark in recent years.<\/p>\n “Even so, by 2014 South Africa had one of the lowest employment and labor-force participation rates and highest unemployment rates by upper middle-income country standards.”<\/p>\n Total employment also became more skills intensive. In 2000, across all sectors, there were about four unskilled\/semi-skilled workers to every skilled worker; by 2014 there were just three.<\/p>\n The the ratio of skilled to unskilled and semi-skilled workers rose by roughly 10 percentage points from 2000 to 2014, the report said.<\/p>\n “Insufficient job creation has left South Africa\u2019s unskilled or semi-skilled and its youth facing the prospect of long-term joblessness, and they appear ill equipped for a labor market that demands higher skills.”<\/p>\n More job-intensive growth would help tackle unemployment and create jobs for “But simply increasing the number of jobs will not be enough to allow South Africa to boost savings and derive the second demographic dividend. More job-intensive growth needs to be accompanied as a first priority by improving the quality of education so that better educated youth are entering the workforce”<\/p>\n Big picture unemployment in SA is worrisome<\/a><\/strong><\/p>\n South Africa unemployment at 12-year high<\/a><\/strong><\/p>\n
\npeak will occur in 2045, when it will reach 68.3% of the population and there will be 2.1 working adults to support each young and old dependent.<\/p>\n![\"Evolution](\"http:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2015\/08\/Evolution-of-the-SA-labour-market.png\")
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\nmany new labor-force entrants in the coming 15 years, allowing South Africa to take
\nthe first step in harnessing its favorable demographics, the report said.<\/p>\nMore on employment in SA<\/h3>\n