PRETORIA– The South African Department of Trade and Industry (dti) is seeking public comment on proposed amendments to the Broad-Based Black Economic Empowerment Amendment (B-BBEE) Codes of Good Practice which are aimed at promoting innovative ways to increase the participation of black South Africans, particularly black youth, in the economy.
On March 29, the Minister of Trade and Industry, Rob Davies, announced a 60-day public commentary process on the proposed new codes. Key to the amendments is the Youth Employment Service (Y.E.S) initiative and the introduction of a ring-fenced Point Indicator on the skills development scorecard for bursaries for black students attending higher education Institutions.
The Y.E.S initiative, one of the initiatives presented in the 2018 State of the Nation Address by President Cyril Ramaphosa, aims to improve the grim employment outlook for young work seekers by offering work opportunities and therefore inclusion in the economy.
The department said the introduction of the ring-fenced 2.5 per cent target for Skills Development Expenditure on bursaries for black students at higher education institutions is a critical intervention to enable the raising of funds for the education of needy and deserving black youth.
Both the above highlighted changes are critical policy revisions that are deliberately targeting youth empowerment initiatives through work opportunities and critical skills development.
Source: NAM NEWS NETWORK