NQF4 Estate Agent Training Applications
B-BBEE Advisory Services
Skills development is a crucial part of building South Africa’s economy as it creates job opportunities that are otherwise scarce.
Although the country is still swimming in the wake left behind by the global COVID-19 pandemic, there are aspects of learning and development that should not be ignored, especially with regards to B-BBEE.
Business owners have spent the last two years simply trying to survive the devastating blow COVID-19 had on growth and turnover. However, there are some relief measures in place to encourage companies to take on new employees. This relief comes in the form of a generous tax rebate.
In 2014, SARS introduced the Employment Tax Incentive (ETI) as a means to give organizations the nudge they need to hire young job seekers who are less experienced.
Organizations apply for this incentive on a monthly basis and the application is usually done by the finance or payroll departments.
This incentive is effective until 2029 and there are no limits on the number of employees that may be claimed.
For an employer or organization to be eligible for the ETI, they must:
For an employee to qualify, they must:
This learnership allowance was introduced in an effort to encourage employers to upskill their employees. There are two types of allowance available, namely an annual allowance and a completion allowance.
This allowance is a tax incentive and can be included as part of the company’s tax deduction at the end of each tax year.
There are specific requirements which must be met in order for an employer to qualify for the annual allowance. Furthermore, if there is no registered learnership agreement in place during a tax assessment period, the employer will not qualify for any part of the annual allowance.
Full compliance with the Skills Development Act ensures that an organization meets the set B-BBEE targets while fostering meaningful working relationships with their training providers.
Upskilling the workforce empowers individuals by providing them with a dignified opportunity to learn, grow, and contribute positively to society and the overall economic status of the country.
Additionally companies can benefit from tax rebates related to learnership programmes, while training individuals who will ultimately have the knowledge and skillset necessary to drive the company’s success.
Get the latest updates in your email box automatically.