The Department of Trade and Industry has issued a media statement with regard to the Draft Amendments to the B-BBEE Codes that were gazetted on 29 March 2018 for 60 day public comment.
The Draft Amendments include that certain B-BBEE benefits will be available to companies that participate in the Youth Employment Service (Y.E.S.) initiative and that meet targets set in the B-BBEE Codes. The Draft Amendments require companies to spend 2.5% of their leviable amount on bursaries for black students at Higher Education Institutions as a precondition for participating in the B-BBEE benefits available from the Y.E.S. initiative.
According to the media statement the 2.5% bursary spend will no longer be a precondition to obtaining BEE recognition as a Y.E.S. participating entity.
