B-BBEE – New Drafts for Comment – How Will They Affect Me (Code 300)
Amendment to Code 300
The Amendment introduces:
Spend on Bursaries for Black Students attending Higher Education Institutions:
A bursary or scholarship scheme is a grant made to or for students who are registered at educational institutions established by or registered with the Department of Basic Education or the Department of Higher Education & Training. Examples of legitimate training costs for a bursary or scholarship includes: payment of school, college or university fees, or a portion thereof; funding for textbooks or other learning materials; funding for subsistence or accommodation during the period of study.
Splitting of the 6% Leviable Amount Target for Overall Skills Development Expenditure and Bursaries:
3,5% of skills spend on Accredited Learning Programmes and
2,5% of skills spend on Bursaries
The amendment is clear that there cannot be any ‘double accounting’ and the two spends must be separate.
Increasing the Recognition for Category F & G Training Programmes from 15% to 25%
The proposed amendment will result in the following Skills Development Scorecard
As far as we can see, these amendments will come into effect on the date that the final Gazette is published.
The consequence of this amendment is that these amendments will be effective to any rating happening after that date. Unfortunately that means that any measured entity using a year-end prior to the Gazette date will have to be measured in line with the new amendments, even though they will have not had any opportunity to comply with these amendments, which could lead to lower scores than initially planned.
For any queries regarding a B-BBEE Strategy including ownership structuring and skills development plans contact Oriole on 011 346 2422 or email@example.com