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    5Mar, 2024
    March Musings: 3 Months into 2024!

    We have only just begun the third month of 2024 and yet what a busy year it has been; from increases to renewals and a draft thrown in for good measure 😉 – here is a summarised look at what has transpired thus far:

    • EE News: Employment and Labour Minister TW Nxesi introduced new draft regulations in Feb 2024, addressing sectoral numerical targets (Click here to see our newsletter on this topic) Comments are due by the second of May 2024.
    • Minimum Wage Increase: Effective from the first of March, the National Minimum Wage (NMW) for each ordinary hour worked will increase to R27.58. There are some exceptions, so please click here for more information on this.
    • Renewal to the Section 12H Tax Incentive: The recent Budget Speech confirmed that the Section 12(H) Learnership Tax Incentive has once again been extended, this time by three years, until the thirty first of March 2027. Want this benefit for your company? Then call us now on 011 483 1190 and speak to us about our Learnership offerings that provide a range of benefits, are aligned to skills development and include various B-BBEE advantages for companies!

    What has the next few months got in store for us?

    Well, it’s anyone’s guess 😉 Seriously though, we have heard rumblings about QCTO and Transport Sector Codes and so both will be discussed in more detail in future newsletters:

    • QCTO: According to recent reports, the last date of registration for all ‘historical’ (read not-QCTO) qualifications is the thirtieth of June 2023, with a phase-out period of one year for learners to still enrol up to and including the thirtieth of June 2024. Providers offering learnerships, and other skills development programmes, need to ensure accreditation so that they can move over to the QCTO framework ASAP. This is especially important for companies that rely on both of above for B-BBEE level points.
    • Transport sector codes: Expected to be gazetted around March 2024, the Transport Sector Charter (TSC) is set for some big amendments. And, unlike previous other sector and other Code amendments, the TSC has not provided a “grace period” for transitioning. This is very concerning as this may result in some companies obtaining unfavourable B-BBEE status due to the lack of additional planning time.

    As the industry awaits clarity on above, one thing is clear: Adaptation will be crucial for success in the evolving regulatory landscape. Stay tuned for updates as we decipher the implications together.

    Last but not least . . . we want to end off this newsletter discussing our new look at Training and Workshops!

    We are ramping up our webinar offerings and workshops, and will be providing more information on this soon.

    In the meantime, book your space now for our not-to-be-missed Skills Development submissions workshops in March and early April!

    16Dec, 2023
    Looking towards 2024: A Year of Transformative Change


    As we stand on the threshold of bidding farewell to 2023, we want to express our heartfelt gratitude for the incredible journey we’ve shared with you. Your trust in EconoBEE has been the cornerstone of our success, and we’re excited to share some of the highlights from this exceptionally memorable year:

     

    Celebrating Success Together:

    During the course of 2023, EconoBEE had the privilege of supporting numerous clients in reaching new heights on their transformative B-BBEE journey. From small businesses to large enterprises, we take immense pride in the success stories that have unfolded throughout this year. Your unwavering commitment to economic empowerment and compliance has not only fortified your enterprises but has significantly contributed to the broader landscape of transformation within the business ecosystem.

     

    Empowering Through Workshops:

    All through the year, our workshops have been a vibrant hub of empowerment, bringing together a diverse array of business owners and professionals eager to delve into the intricacies of B-BBEE. The resounding success of these sessions, marked by positive feedback and enthusiastic engagement, has been a source of inspiration for us. Bolstered by this encouragement, we are thrilled to announce that our workshops will evolve even further in 2024, providing you with an enriched experience, replete with practical skills and comprehensive knowledge.

     

    Teasing 2024:

    As the proverbial curtain gracefully descends on the stage of 2023, we find ourselves eagerly setting our sights on the promising horizon of 2024. Within the corridors of EconoBEE, a hive of excitement is buzzing as we meticulously prepare to unveil a tapestry of new services and expanded workshops, meticulously crafted to elevate your experience and fortify your journey towards economic empowerment.

     

    Anticipating Industry Shifts:

    While we anticipate a year filled with growth and empowerment, it’s crucial to be vigilant about potential industry shifts. In the dynamic landscape of B-BBEE, we’re closely monitoring significant updates within the Transport sector. The Council, in conjunction with the Department of Transport, has initiated B-BBEE Alignment sessions, proposing resolutions that could potentially reshape the industry. Draft Codes are expected to be released for public comment by January 2024, signifying a transformative era.

     

    Navigating Change Together:

    We encourage companies, especially those within the Transport industry, to be on the lookout for these potential changes. The proposed resolutions aim to bring about much-needed transformation, emphasizing Skills Development, Enterprise and Supplier Development, and a re-evaluation of ownership structures. As we venture into 2024, EconoBEE remains dedicated to guiding you through these changes, ensuring your journey towards economic empowerment is successful.

     

    Happy Holidays and a Prosperous New Year:

    And so, as the holiday season unfolds, we want to take a moment to express our gratitude for the privilege of working with you throughout the year. Your trust and partnership have been the cornerstones of our success, and we are truly thankful for the opportunities we’ve shared. In the spirit of the season, we extend our heartfelt wishes for a Merry Christmas and a New Year filled with prosperity, good health, and continued success.

     

    Here’s to a joyful holiday season and a prosperous New Year!

     

    5Jul, 2023
    Empowering Your Business Through B-BBEE Workshops and Training

    Today, we want to shed light on the importance of B-BBEE (Broad-Based Black Economic Empowerment) workshops and training, and why partnering with EconoServices for comprehensive training can drive transformative change within your organization.

     Why B-BBEE Workshops and Training Matter:

    B-BBEE is a crucial framework for promoting economic transformation and equality in South Africa. It serves as a powerful tool to address historical inequalities and promote meaningful participation and empowerment of previously disadvantaged individuals and communities. To fully grasp the legislation, codes of good practice, and compliance requirements, it is essential for businesses to invest in workshops and training programs. This knowledge equips your team with the tools to navigate the complexities of B-BBEE effectively and contribute to a more inclusive economy.

    At EconoServices, we understand the significance of staying up-to-date with B-BBEE requirements. Our workshops and training programs are designed to provide comprehensive knowledge and practical insights that will enable your organization to implement successful B-BBEE strategies and achieve your transformation goals.

     Benefits of Choosing EconoServices for Training:

    • Comprehensive Training
    • Customized Approach
    • Expert Facilitators
    • Empowered Pillar Champions
    • Enhanced Compliance
    • Competitive Advantage
    • Ongoing Support

    For more information on benefits and other pertinent please click here

    In conclusion, partnering with EconoServices for comprehensive training will equip your team with the knowledge, skills, and confidence to drive positive change, meet compliance requirements, and gain a competitive advantage.

    Take the first step toward empowering your business today. Reach out to us on 011 483 1190 to learn more about our tailored training programs and how EconoServices can support your B-BBEE journey. Together, we can make a difference and contribute to a more equitable and prosperous South Africa.

    30Aug, 2022
    Employment Equity Submissions

    Can you believe that it is Employment Equity Submission time again?!!

    The submission window opens on 01 September 2022

    Employment Equity Submissions is an annual requirement of all designated employers as per the Employment Equity (EE) Act.

    The EE Act came into being in 1998 and its purpose is to promote equal opportunity and fair treatment in employment through the elimination of unfair discrimination, implementing affirmative action measures to redress the disadvantages in employment experienced by designated groups and to ensure their equitable representation in all occupational levels in the workforce.

    The Employment Equity Amendment Bill is expected to be released in September 2022, as this is when the current workforce equity plans, set by employers themselves, will elapse and it is envisaged that the labour minister would then set new five-year targets in terms of the new law as well as introduce additional changes.

    All designated employers must ensure that online submissions are done before the deadline, and the scope of the submissions must comply with any potential changes resulting from the amendments.

    Unsure if you are a designated employer or what is expected from your company in terms of the submissions or the amendments? Contact us on 011 483 1190 or email us info@econoservices.co.za to help you navigate these changes!

    We will also be hosting online workshops regarding Employment Equity Submissions, please contact us for more information and to book your seat.

    9Dec, 2021
    Tis the season . . . for B-BEEE!

    EconoBEE would like to wish our clients, suppliers and you, dear reader, a very safe, joyful and peaceful festive season and New Year.

    We will be closing our offices on the 15th of December 2021 and be back to championing B-BBEE, EE and SD for our clients on the 3rd of January 2022. During this period, should you have any queries, please email us using: info@econobee.co.za

     

    We have some exciting line-ups for 2022 . . .  !!

    We are launching our bespoke online / virtual and face-to-face workshops on Broad-Based Black Economic Empowerment, Employment Equity and Skills Development, tailored to your individual or corporate needs! We will provide more information regarding this in subsequent newsletters, in the meantime and should you have any queries, you are most welcome to give us a call on 011 483 1190 or email us using: info@econobee.co.za
    5May, 2021
    MAY MADNESS!
    During the month of May, EconoBEE will be running specially tailored full-day and half-day B-BBEE workshops with an added twist! Our Directors will be unpacking extra information which includes, but is not limited to, the following:
    • How the new measured period will impact measured entities
    • The debate around sale of assets and how it impacts ownership points
    • The B-BBEE Commission’s changes to non-compliant company reports
    • Recent rulings by the B-BBEE Commission around share option schemes
    • SANAS’s take on how to calculate the indicative profit margin
    • Communication from the ICT council with regard to the private contribution model
    • Annual fees that need to be paid to the ICT council
    • Discussion around the new absorption definition
    • Continued recognition complexities and how it impacts ownership points
    • ICT disability training and EAP targets
    Please contact us on info@econobee.co.za or 011 483 1190 to hear more!
    30Mar, 2021
    The Big Debate: Sale of Assets
    Ownership in the B-BBEE codes is by far one of the most complex elements to get right. Some entities feel bringing in new shareholders might impact the strategic direction of the entity as a whole; some just want to sell a stake but keep it minimal. Sale of assets, as an option, provides the convenience of getting ownership points without selling shares, but instead selling “a qualifying asset”. At present, there is a big debate over how many points should be allocated in this scenario! One school of thought holds that a measured entity should get full points from this arrangement. The other school of thought feels the points should be capped at 40% of the scorecard because this is indirect ownership. EconoBEE has engaged the BEE Commission and the DTI on this matter to gain clarification.

    Not only do we know how to set it up for you, but we also know the right side of this debate.

    Send us an email or give us a call and find out what we know!

      April Online Workshops
    DateWorkshop TitlePrice
    06 Apr 2021Skills Development WorkshopR1 550.00
    08 Apr 2021Half-Day Employment Equity WorkshopR1 550.00
    13 Apr 2021Half-Day B-BBEE WorkshopR1 550.00
    15 Apr 2021ICT Sector Code WorkshopR1 550.00
    20 Apr 2021FSC Sector Code WorkshopR1 550.00
    22 Apr 20212-Hour YES WorkshopR750.00
    29 Apr 2021Full-Day B-BBEE WorkshopR3 700.00
           
    16Feb, 2021
    The deadline for the annual submission of the WSP is 30 April 2021!
    The law states that a company with a payroll that exceeds R500 000 per annum must be registered to pay the Skills Development Levy (SDL). All companies with 50 or more employees need to establish a Skills Development Committee and consult with the Committee prior to the submission of the skills report. All companies need to appoint a suitably qualified Skills Development Facilitator (SDF) to facilitate the training needs within the organisation and liaise with the SETA. The WSP (Workplace Skills Plan) plays a significant role in the execution of education, training and development initiatives in the organization. An employer needs to establish a WSP, which is a strategic document that details how the employer will address the needs for development and training in the workplace. Remember to link this to your succession plan! This should be in line with the core and critical skills identified by the SETA. The ATR (Annual Training Report) is accurate documentation of all the training that has taken place in the reporting period in the organisation i.e.: the ATR is the past information and the WSP is the future planned training. Benefits of Submitting your Skills Development Reports:
    • The Skills Development Act aims to develop the skills of the South African workforce, thereby improving the quality of life for workers and giving them more prospects of work. It also aims to improve productivity in the workplace, the competitiveness of employers and to promote development.
    • The Skills Development Levies collected by the SETA are channelled towards skills development. This levy can be claimed back by an employer if they submit their WSP, ATR and Pivotal training report and achieve the goals set out
    • You can claim up to 20% of the SDL you pay by submitting your WSP and ATR in time
    • In order to maximise your B-BBEE points for skills development, you need to submit your skills development report to the SETA on time
    • You are able to access SETA grants to assist in training your employees
    When skills development is structured in the best way, and core and critical skills are identified, implementation becomes sustainable and ends up saving you money. Learnerships are a key strategy to achieving your goals as well as enabling you to take advantage of the tax allowances, employee tax incentives and seta grants which reduces your overall cost. ECONOBEE is hosting a number of workshops on SKILLS DEVELOPMENT! Delegates will gain a better understanding of the requirements of the SD Act and SDL Act and will have more knowledge on how to submit your documents and how to maximise your skills development spend. We will explain how targeted skills development can actually save you money, via tax incentives, and maximise your B-BBEE skills development recognition. Can’t attend? Please contact us on 011 483 1190 and we can tailor a solution for you.
    18Jan, 2021
    Are you being sold a dubious B-BBEE share option scheme? Hear what the B-BBEE Commission has to say……..
    Firstly, compliments of the season to you all and here’s to wishing everyone a good 2021! I hope you have all managed to remain safe and hopefully had a decent break! Onto interesting business matters now……. Towards the latter part of 2020 we had a non-compliant QSE client come to EconoBEE and explain that they had a consultancy offer them an ownership option, which would make them an automatic B-BBEE level 2 (via the 51% affidavit route), and they wanted our view on it. We vehemently disagreed with the structure that was being “sold” to this client, and explained why, but we committed to get clarification from the B-BBEE Commission. Background:
    • The client is a QSE company (under R50m t/o) and they are non-compliant.
    • They were advised to set up a separate company that would have 100% black shareholders (either black employees or an NGO) and this company would have a 51% share option in the main company, which would mean that they receive an automatic B-BBEE level 2 (via the affidavit route) and would therefore also not be audited by a verification firm!
    • The devil’s in the detail and the detail here is the clarification of the “share option”!
    • The 51% share option showed a lack of real ownership and control, a lack of economic interest and lacked the authority to appoint the majority of the Directors in the main company.
    • At the end of the 5 year share option period, the owner would still be able to retain control of the company and the share option would fall away.
    • The B-BBEE Commission advised that where a “measured entity in an effort to comply with the B-BBEE ownership requirements, will establish share option structure not aligned to the requirements of the B-BBEE Act, such must be reported to the B-BBEE Commission” and this could lead to a serious fronting fine and/or criminal charges.
    To read the full view of the B-BBEE Commission, please click here To listen to one of our Legal Directors discussing B-BBEE fronting issues on eNCA tv, please click here To peruse our 2021 Online Workshop List, please click here EconoBEE has been at the forefront of guiding some of South Africa’s largest generic firms to obtain their B-BBEE goals, and we are extremely adept at putting together the best, most cost-effective, B-BBEE solutions for your business. Why not give us, at EconoBEE, a call on 011 483 1190 or email us and let us help simplify and expedite your transformation journey!