The Department of Trade and Industry (dti) is
seeking public comment on the proposed amendments to the Broad-Based Black
Economic Empowerment Amendment (B-BBEE) Codes
of Good Practice.
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| Comments on the codes will close on 29 May 2018. Source: Execuflora |
“The dti is inviting members of
the public to participate in a public commentary process on the proposed
amendments to the B-BBEE Codes of Good Practice on or before 29 May 2018. The
proposed amendments aim to promote innovative ways to increase the
participation of black South Africans and in particular black youth in the
economy,” says the department on Friday.
The Minister of Trade and
Industry announced a 60-day public commentary process on the Reviewed Statement
000 and 300 of 2018 in terms of section 9 (5) of the Broad-Based Black Economic
Empowerment Amendment (B-BBEE) Act 53 of 2003, as amended by Act 46 0f 2013.
Key to the amendments is the
Youth Employment Service (YES) initiative and the introduction of a ring-fenced
Point Indicator on the skills development scorecard for a 2.5% spend target on
bursaries for black students attending higher education Institutions.
Yes to the youth
The YES initiative was one of the
initiatives presented in the 2018 State of the Nation Address by President
Cyril Ramaphosa. The YES initiative aims to improve the grim employment outlook
for young work seekers by offering work opportunities and therefore inclusion
in the economy.
The department says the
introduction of the ring-fenced 2.5% target for Skills Development
Expenditure on bursaries for black students at higher education
institutions is a critical intervention to enable the raising of funds for the
education of needy and deserving black youth.
Both the above highlighted
changes are critical policy revisions that are deliberately targeting youth
empowerment initiatives through work opportunities and critical skills
development.
Preliminary comments received
since the gazetting of the codes on 29 March 2018 indicate concerns regarding
the proposed qualification criteria “11.2.1.2”, which requires entities to
score full points on the 2.5% target for skills development expenditure on
bursaries in order to qualify for YES BEE recognition.
“The dti views the participation
in YES to be in line with the objectives of B-BBEE policy and has keen interest
that there be maximum impact resulting in empowerment of young South Africans.
In order to create certainty and ensure rapid take up in YES, [we have]
considered to delink the YES and the Bursary target of 2.5%,” says the dti.
This means that the bursary
contributions will not be a precondition to obtain BEE recognition as a YES
participating entity.
Comments on the codes will close
on 29 May 2018. Inputs and comments should be submitted Jacques Manus via
email: JManus@thedti.gov.za.
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