Summit to take stock of BBBEE gains

Cabinet has welcomed the National Broad-Based Black Economic Empowerment (BBBEE) Summit, which will take place from Thursday 3 – Saturday 5 October 2013 in Midrand, Gauteng.

The summit will be held under the theme ‘A Decade of Economic Empowerment’.

“The summit will assess the progress of the implementation of BBBEE following the 10-year anniversary since the enactment of the BBBEE Act in 2003,” said Cabinet in a statement after its fortnightly meeting.

Corporate stakeholders, trade union representatives, political parties and civil society organisations will participate in charting South Africa’s third iteration of black economic empowerment with the amended BBBEE Act and refined BBBEE Codes of Good Practice.

The policy instrument of Black Economic Empowerment is essentially “a growth strategy aimed at broadening the economic base of the country by targeting inequality, which remains the weakest point of the South African economy”, Cabinet said.

Earlier this month, Trade and Industry Minister Dr Rob Davies announced that the Broad-based Black Economic Empowerment Amendment Bill – which is aimed at appointing a commissioner to deal with BEE non-compliance – has been referred to the National Council of Provinces.

Speaking to journalists after chairing the Presidential BEE Advisory Council meeting, Davies at the time said the bill was also aimed at helping new entrants become active players in their respective sectors.

Employment Tax Incentive Bill:

Meanwhile, Cabinet has approved the Employment Tax Incentive Bill to be released for public comment.

The bill introduces an incentive mainly aimed at encouraging employers to hire young and less experienced job seekers. The incentive is one among many that will fall under the umbrella of government’s youth employment strategy and will complement existing government programmes.

The youth employment tax incentive targets young people entering the labour market and earning below the personal income tax threshold. In doing so, it targets lower skill, lower wage individuals, who have low prospects of finding a job. The incentive will create conditions conducive to job creation and improve employment prospects for such marginalised workers.

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