Budget Speech 2018: How Students Are AffectedIn News, Trends
Image Credit: Parliament of the Republic of South Africa live stream.
With a focus on the dramatic reduction of unemployed youth, Finance Minister Malusi Gigaba has rolled out reasonable intervention and relief for students completing and pursuing tertiary education. Higher education and training has received the largest reallocation of resources amounting to additional funding of R57-billion in the medium term. This is how students will be affected by South Africa’s 2018 budget allocation:
- The Budget Allocation
As shared by the National Treasury the education and training budget has been allocated as follows:
- University Transfers R34.9bn
- National Student Financial Aid Scheme R R22.8bn
- Skills Development Levy Institutions R19.3bn
- Education Administration R16.8bn
- Technical And Vocational Education And Training R10.7bn
Fee-Free Higher Education
Government will phase in fee-free higher education and training to students from poor and working-class families. This means that all new first-year students with a family income below R350 000 per annum at universities and TVET colleges in the 2018 academic year will be funded for the full cost of study. This will be rolled out in subsequent years until all years of study are covered.
Returning NSFAS students at university will have their loans for 2018 onwards converted to a bursary. This is an important step forward in breaking the cycle of poverty and confronting youth unemployment and indebtedness. With this amendment, higher and further education and training is being made accessible to the children of workers and the poor as well.
Access To Higher Education
Government is setting the ultimate goal of guaranteeing access to higher education and training for all South Africans who qualify based on merit, not social-economic position. Labour statistics show that unemployment remains the lowest for tertiary graduates in South Africa and thus educating the youth has been outlined as one of the most pressing national priorities.
For more information on graduate recruitment and young talent development, get in touch with Student Village on 011 885 3918 or email email@example.com.
This information has been gathered from Finance Minister Malusi Gigaba’s Budget Speech 2018 which can be found on the National Treasury website. Also take a look at Fin24 and Standard Bank’s budget at a glance infographic: