Tag: Youth Employment Scheme (YES)

As South Africa moves into 2024, the landscape of Broad-Based Black Economic Empowerment (B-BBEE) is poised for significant shifts. The B-BBEE framework has been a cornerstone of economic transformation in our country, aiming to address historical imbalances and promote inclusive economic growth.

Most brands understand that the new world is here, and they need to adapt their strategies to be relevant and sustainable. More and more data prove purpose is good for business and should be the nucleus of any business and brand strategy.

During the 2020 State of the Nation Address, President Ramaphosa made special mention of the great strides being made by the Youth Employment Service (YES) in tackling South Africa’s youth employment crisis.

Is South Africa headed down a road of jobless growth where a capital-intensive economy is incompatible with a labour-intensive need? According to an International Labour Organisation (ILO) report reviewed in Forbes Magazine, 11 August 2017, there are about 71 million unemployed 15 to 24-year-olds around the globe, many of them facing long-term unemployment. This is close to a historic peak of 13%.

The two programmes, the Employment Tax Incentive (ETI) created by and falling under SARS, and the Youth Empowerment Service (YES) by the Department of Trade and Industry, are designed to work together and to compliment one-another.

If you consider that there have been many grey and confusing areas in-relation to BBBEE since the publication of the first Scorecard in 2003, and then compounding the ambiguity with the publication of the second Scorecard in 2013, these latest amendments in 2018, clarify a number of issues and also create a number of opportunities for BBBEE participating companies.