Absorption: means a measure of the Measured Entity's ability to successfully secure formal permanent or long-term contract employment for the Learner or to assist the Learner's proceed with further education and training; Apprenticeship: means an agreement between an apprentice and an employer for a set period of time during which the apprentice works and receives training in the workplace; Black Designated Groups: means (a) unemployed black people not attending and not required by law to attend an educational institution and not awaiting admission to an educational institution; (b) Black people who are youth as defined in the National Youth Commission Act of 1996; (c) Black people who are persons with disabilities as defined in the Code of Good Practice on employment of people with disabilities issued under the Employment Equity Act; (d) Black people living in rural and under developed areas; (e) Black military veterans who qualifies to be called a military veteran in terms of the Military Veterans Act 18 of 2011;
Black New Entrants: means Black participants who hold rights of ownership in a Measured Entity and who, before holding the Equity Instrument in the Measured Entity, have not held equity instruments in other Entities which has a total value of more than R50,000,000, measured using a standard valuation method;
Economic Interest: means a claim against an Entity representing a return on ownership of the Entity similar in nature to a dividend right, measured using the Flow Through and, where applicable, the Modified Through Principles;
Employee with a Disability: has the meaning defined in the Code of Good Practice on Key Aspects of Disability in the Workplace issued under section 54 of the Employment Equity Act; align with the Employment Equity Act
Empowering Supplier: An Empowering Supplier within a context of B-BBEE is a B-BBEE compliant entity, which is a good citizen South African entity, comply with all regulatory requirements of the country and should meet at least three if it is a large enterprise or one if it is a QSE of the following criteria: 1. At least 25% of Cost of Sales, excluding labour cost and depreciation, must be procured from local producers or local suppliers in South Africa, and for service industry enterprises labour is included but capped at 15%. 2. Job creation – 50% of jobs created are for Black people provided that the number of Black employees since the immediate prior verified B-BBEE Measurement is maintained. 3. At least 25% transformation of raw material/beneficiation which include local manufacturing, production and/or assembly, and/or packaging. 4. Skills transfer – at least spend 12 days per annum of productivity deployed in assisting Black EME and QSE beneficiaries to increase their operation or financial capacity. 5. At least 85% of labour costs should be paid to South African employees by service related entities.
Enterprise Development Contributions: means monetary or non-monetary contributions carried out for the following beneficiaries, with the objective of contributing to the development, sustainability and financial and operational independence of those beneficiaries: Enterprise Development Contributions to Exempted Micro-Enterprises or Qualifying Small Enterprises which are at least 51% Black owned or at least 51% Black women owned; Leviable Amount: bears the meaning as defined in the Skills Development Levies Act of 1999 as determined using the Fourth Schedule to the Income Tax Act; Net Profit After Tax: means the operating profit of a measured entity after tax. It incorporates both the equity I loss figures and abnormal items, but excludes extra ordinary items as determined by (GAAP) Generally Accepted Accounting Practices; Net Profit Before Tax: means the operating profit of a measured entity before tax. It incorporates both the equity I loss figures and abnormal items, but excludes extra ordinary items as determined by (GAAP) Generally Accepted Accounting Practices; Qualifying Enterprise and Supplier Development Contributions: means a collective term describing Enterprise Development and Supplier Development Contributions targeting EME's and QSE's which are at least 51% black owned or at least 30% black women owned, black youth in rural, and underdeveloped areas in statement 400; Socio-Economic Development Contributions: means monetary or non-monetary contribution implemented for communities, natural persons or groups of natural persons where at least 75% of the beneficiaries are Black people. The objective of Socio-Economic Development Contributions is the promotion of sustainable access for the beneficiaries to the economy. Socio-Economic Development Contributions commonly take the following forms: (a) development programmes for women , youth, people with disabilities, people living in rural areas; (b) support of healthcare and HIV/AIDS programmes; (c) support for education programmes, resources and materials at primary, secondary and tertiary education level, as well as bursaries and scholarships; (d) community training; skills development for unemployed people and adult basic education and training; or (e) support of arts, cultural or sporting development programmes;
Socio-Economic Project Contributions: means monetary or non-monetary contributions carried out for the benefit of any projects approved for this purpose by any organ of state or sectors including without limitation: (a) projects focusing on environmental conservation, awareness, education and waste management; and (b) projects targeting infrastructural development or reconstruction in underdeveloped areas; rural communities or geographic areas identified in the government's integrated sustainable rural development or urban renewal programmes; (c) New projects promoting beneficiation;
Supplier Development Contributions: means monetary or non-monetary contributions carried out for the benefit of Empowering Suppliers to the Measured Entity, with the objective of contributing to the development, sustainability and financial and operational independence of those beneficiaries: (a) Supplier Development Contributions to suppliers that are Exempted Micro-Enterprises or Qualifying Small Enterprises which are at least 51% black owned or at least 51% black women owned;
Unemployed Learner: means a learner that was not in the employment of the employer party to the learnership agreement concerned when the agreement was concluded. The employer and learner must therefore enter into a contract of employment. Refer to the Skills Development Act.
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