The ONE checklist that'll show you if you're complying with all 26 changes to the Employment Equity Act...
There ares still many businesses that don't know exactly what the 26 amendments are or even how to apply them.
But, if you employ more than 50 people or if your turnover is over the Employment Equity Act threshold for your industry, you need to comply with each and every one of them.
What are the amendments to the B-BBEE Act?
The changes to the B-BBEE Act shows Government is being more active and strict when it comes to implementing B-BBEE.
It also introduces new measures to:
- Establish a B-BBEE Commission. Their role is to oversee and advocate when it comes to B-BBEE. It will also investigate complaints about B-BBEE, B-BBEE transactions and 'fronting practices'. The Commission will have important powers. This includes being able to issue subpoenas and apply to Court to restrain a breach of the BBBEE Act and fronting. This means there's now a 'watchdog' in place if you're not sticking to the law;
- Introduce criminal offences. If you misrepresent or give false information about your company's B-BBEE status. It also includes engaging in fronting. A breach can now result in a fine and up to 10 years in jail for individuals. A company could receive a fine of up to 10% of its annual turnover. You could also face bans from contracting Government and public entities for 10 years;
- Give Government and public entities the right to cancel any contract or 'authorisation' it awards if you give false information on your B-BBEE status;
- Impose an absolute obligation on Government and public entities to take the Codes into account. This is in their procurement policies and when they issue licences and authorisations. Before, they only had to do it as far as reasonably possible. Now, if you're a Government or public entire you have to take them into account;
- If you're a South African listed entity, by law you have to provide a report to the B-BBEE Commission on your compliance with B-BBEE.
Keep reading to find out what this means for you...
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