Signed on Saturday, 18 February 1995 in Midrand,
Gauteng.
Growth, equity and participation
- The democratic election of 1994 opened a new era for South
Africa. It was the decisive step in the transition to democracy.
Now our country must meet the challenges of social development and
economic growth.
- South Africa is a land rich in resources, with a strong and
diversified economy. It has a people eager to make the democracy
work. It has a well-developed physical and financial
infrastructure, such as transport, telecommunications and the
banking system.
- South Africa is also characterised by severe inequality in
incomes, skills, economic power, ownership, and a skewed pattern of
social development. This, together with large-scale unemployment
and inadequate economic performance, has created major problems in
our society.
- Government, organised labour, organised business and
community-based organisations need to develop and strengthen
cooperative mechanisms to address the challenges facing our new
democracy. Our three defining challenges are:
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- Sustainable economic growth - to facilitate wealth creation; as
a means of financing social programmes; as a spur to attracting
investment; and as the key way of absorbing many more people into
well-paying jobs.
- Greater social equity - both at the workplace and in the
communities - to ensure that the large-scale inequalities are
adequately addressed, and that society provides, at least, for all
the basic needs of its people.
- Increased participation - by all major stakeholders, in
economic decision-making, at national, company and shopfloor level
- to foster cooperation in the production of wealth, and its
equitable distribution.
- Meeting these challenges is critical to the success of the
Reconstruction and Development Programme.
- The National Economic Development and Labour Council (Nedlac)
is the vehicle by which government, labour, business and community
organisations will seek to cooperate, through problem-solving and
negotiation, on economic, labour and development issues, and
related challenges facing the country.
- Nedlac will conduct its work in four broad areas, covering:
- Public finance and monetary policy.
- Labour market policy.
- Trade and industrial policy.
- Development policy.
- Nedlac is established in law through the National Economic
Development and Labour Council Act, Act 35 of 1994, and will
operate in terms of its own constitution.