Labour law update: The Amended QSE codes have finally been gazetted
We've been waiting a while, but it's finally over.
The DTI has released clarity on the Amended QSE Codes after gazetting them on 6 May 2015.
These new codes affect the Broad Based Black Economic Empowerment Amendment Act which came into effect earlier this month.
While labour experts are still trying to make sense of how these QSE codes will change the business landscape, here's a copy of the government gazette for you to look at as well as the most important aspects you should pay attention to.
Get your hands on the Amended QSE Codes here
As econobee.co.za explains: 'Now that the QSE Codes
have been gazetted [it's clear that] with the right planning small businesses will still be able to achieve a [BBB-EE] compliant score.
A number of issues are covered in the gazette, including key concerns over the amended Scorecard for Qualifying Small Enterprises (QSE's) and amended Sector Codes.
And while it's important to note that these Amended QSE Codes apply to businesses with a turnover between R10 million and R50 million per annum, it's also crucial you know that the Amended Codes published last week contain clarification on:
Statement 003 - Guidelines for developing and gazetting sector codes
Statement 004 - Scorecards for Specialised Enterprises
Statement 102 - Recognition of the sale of Assets, equity instruments and other businesses
Statement 103 - The Recognition of Equity Equivalents for Multinationals
Code Series 600 - Qualifying Small Enterprises (QSEs)
They also contain amendments to the recently Amended Codes including:
Addition of a 5th Criterion for the Empowering Supplier
Verification adjustments for EME's
Discounting principle clarification
A complete change to the demographic calculation for Management and Skills Development