The Upcoming Transformation in Transport Sector Codes

Published by Melanie Rajah I n the ever-evolving landscape of South Africa's business environment, the need to address youth unemployment and promote economic empowerment has never been more critical. One initiative that has emerged as a beacon of hope is the Youth Employment Service (YES), a program designed to provide work experience and skills development opportunities for young people. This initiative not only stands on its own merit but also aligns with the broader goals of Broad-Based Black Economic Empowerment (B-BBEE), contributing to a more inclusive and equitable society. Understanding YES and Its Alignment with B-BBEE 1. Skills Development: The YES Initiative focuses on offering practical work experience, a crucial component of skills development. This aligns seamlessly with the B-BBEE element that encourages companies to invest in training and development programs for their employees. 2. Employment Equity: Addressing employment equity is a cornerstone of B-BBEE. By pa...

Published By: Melanie Rajah Explore the transformative power of Broad-Based Black Economic Empowerment (B-BBEE) and discover why businesses prioritize it. From enhanced market access to fostering sustainable growth, this video breaks down the key benefits that make B-BBEE essential for businesses operating in South Africa. Join us on a journey of empowerment, inclusivity, and strategic advantage as we delve into the profound impact of embracing B-BBEE. #BusinessEmpowerment #B -BBEE #InclusiveGrowth https://www.youtube.com/watch?v=zgIwRJ29i8c

Published by: Melanie Rajah The Transport Industry, a pivotal player in economic dynamics, is gearing up for a significant shift with the imminent update of its sector codes. Operating under its established set of codes since 2009, the transport sector is aligning with the Department of Trade and Industry's (DTI) Codes of Good Practice. The anticipated release of the new codes by the end of this year will bring about transformative adjustments, set to take effect on March 1, 2024. Key Changes Unveiled: 1.Ownership Control Evolution: EMEs and QSEs face a recalibration in ownership control evaluation, adopting the flow-through model. Enhanced recognition and points for Black New Entrants, accompanied by nuanced adjustments in definition and qualification. 2. Unified Focus on Management Control and Employment Equity: A consolidation of Management Control and Employment Equity into a singular entity. Emphasis on Black Female inclusion within this consolidated framework, with non-submis...