Though MPs passed The Employment Equity Amendment Bill last week it still requires the approval of the National Council of Provinces before President Cyril Ramaphosa can sign it into law. The bill grants employment & labour minister Thulas Nxesi the power to set “equity targets” for businesses across sectors, so that government may restructure the economy to achieve more equitable outcomes for South Africans across racial groups.
Research shows that, excluding the top 10% of black income earners from the calculation of the racial income gap, the income inequality ratio increased from 10.5 in the 1990s to 11.5 at the end of 2019. It also shows that black South Africans in the top 10% income bracket increased by 54% over the same period. And while the income of the top 10% of black earners has tripled since the 1990s, that of the bottom 50% declined substantially.
Aside from BEE’s monumental failure to create more equal outcomes for the majority of South Africans, the fundamental nature of these laws is profoundly racial. Race-based laws should never be tolerated in democratic societies, especially ones with divisive, racist histories. We cannot have laws that arbitrarily pick winners and losers based on who the victims were in the previous dispensation. Racial quotas, at all levels, are counterintuitive and unnecessary.
Access to electricity, clean water, proper education and reliable transport and infrastructure is what induces the growth that creates job opportunities. Attempting to manufacture outcomes in an already heavily regulated economy only harms the prospects of job creation and drives foreign direct investment out of the country. This is evidenced by the Heritage Foundation’s Index of Economic Freedom, which flags business freedom as being in decline in SA.
Firstly, it is BBBEE. Which leads to secondly, he does not know what he is talking about. Which means thirdly, he is aggravated by black People participating in their native economy.
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