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Breaking news: Government plans to take control of BBBEE verification

by , 19 August 2014
Government is changing things in the labour sector yet again.

This time around, it wants to take control of the Broad-Based Black Economic Empowerment (BBBEE) verification process.

The reason?

It wants to fast track the promotion of economic growth amongst the black population of South Africa.

Keep reading to find out more about this move and how it'll affect your business.

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What you need to know about government's plan to take control of BBBEE verification

As it stands, there are various BBBEE verification agencies that help companies to determine their BBBEE credentials. These companies help you with your BBBEE scorecard and certificate.

But with government's new plans, this will all change.

According to BDlive, verification agencies will be downgraded to become 'empowerment advisers' so that the private sector doesn't issue verification certificates to itself.

The Department of Trade and Industry (DTI) says it wants to address frustrations over the perceived slow pace of black economic empowerment, especially business ownership, and to correct empowerment policies seen to benefit 'the few' and spur 'rent-seeking'

Government says taking control of BBBEE verification will help it to drive the creation of 100 'black industrialists' over the next three years.

Another thing that government wants to address is corruption when it comes to verification agencies.

In the report, the DTI's director-general, Lionel October says BBBEE verification had become a 'fly-by-night' business. He added that the department will speed up empowerment processes to help achieve BBBEE goals.

So what does government's plan to take control of BBBEE verification mean for you?

It simply means the rules might change when it comes to how you get your BBBEE certificates and how you get support when it comes to your BBBEE scorecards.

We'll keep you updated on this proposal so you'll know exactly what you need to do to comply.

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