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QSE AMENDED B-BBEE CODES OF GOOD PRACTICE

The DTI released a Gazette on 09 October 2014 for comment until 14 November 2014.

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LEGISLATION ON CONTRAVENING THE EMPLOYMENT EQUITY ACT KICKS IN

As from 1 August 2014 new laws which could lead to fines of R2,7m for contravention of the new Employment Equity Act kicked in. If you are a Designated Employer, meaning you employ more than 50 employees or has a turnover exceeding the new thresholds below within your sub sector there is now a punitive risk for not complying.

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The DTI will create 100 balck Industrialists in the next 3 years

It has been on the cards through various actions taken over the last 2 years that the Government will use B-BBEE to strengthen its grip on the means of production in the country. The Government has been battling the process of an eroding support base and it needs to turn this process around, for which it needs access to the economy to generate itself additional capital. The question has just been how. It is now becoming clearer how this will be done.

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