The FinSavvy Graduate Safety Net, which will have a simple stokvel model, is an initiative created & planned by Viwe Loyiso Potelwa, under the company FinSavvy (Pty) Ltd, which aims to alleviate the mental and financial stress that members of the qualified graduate/matriculate unemployment population currently experience as a result of not being employed nationwide even though they have obtained the necessary qualifications to be employable.
The FinSavvy Graduate Safety Net will be carried out in collaboration with the FSP licensed firm PSG Wealth East London who will be financially managing and investing the funds of the initiative which come from the members who sign up to the initiative. To read up on PSG Wealth, you may visit www.psg.co.za/eastlondon.
The initiative is one that will change the landscape of the plight of future unemployed matriculates and graduates registered on the FinSavvy Graduate Safety Net platform through;
- Helping to formalise the future qualified unemployed graduate/matriculate population.
- Helping to integrate them into the economy early (which previously/currently does not happen).
- Helping them become job ready before they matriculate or graduate using FinSavvy’s networks.
- Helping them obtain practical work experience during the period of unemployment (which will help improve their CVs during unemployment).
- Giving learners and students registered on the Graduate Safety Net light at the end of their studies whether they find employment or not.
The initiative will work by parents/guardians of learners/students or tertiary students (who are of age) themselves paying a montly amount of R75, R135, R200 or R300 a month per learner/student over the course of the learner/student’s schooling career.
Learners and students must obtain a qualification whilst registered on the Graduate Safety Net to qualify for the stipend. This stipend will help them pay for necessities such as printing, traveling, purchasing presentable clothing for job interviews and potentially embarking on entrepreneurial activities.
Learners or students who do matriculate/graduate and get a job will have a safe keep that will help to sustain them for 12 or 24 months should they become unemployed within 5 years from the day they have confirmation of them matriculating or graduating (results having been released). Further conditions for receiving the stipend are stipulated in the contracts under the stipulations.
The R75 per month option guarantees a R750 monthly stipend during unemployment.
The R135 per month option guarantees a R1 250 monthly stipend during unemployment.
The R200 per month option guarantees a R2 050 monthly stipend during unemployment.
The R300 per month option guarantees a R2 900 monthly stipend during unemployment.
Either of the 4 options above can be committed to for a minimum of 3 years (36 months)
over the course of your education which will result in the monthly stipend lasting for 12
months of unemployment.
OR Either of the 4 options above can be committed to for a maximum of 6 years (72 months) over the course of your education which will result in the monthly stipend lasting for 24 months of unemployment.
Download your preferred choice of a plan contract under the heading “Contracts” on the right of your screen, either the R75, R135, R200 or R300 per month plan contract. Read & initial the 3 pages, fill out the contract declaration and email it along with the required ID documents to firstname.lastname@example.org and you will be registered.
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