How Learnership Tax Incentives Can Benefit Your Business
In today’s business world, skills development is more important than ever. South African businesses have a unique opportunity to reduce costs and upskill employees through the learnership tax incentive, particularly under Section 12H of the Income Tax Act. By entering into registered learnerships, businesses can claim tax deductions that not only benefit the bottom line […]
Unlocking Opportunities: Incentives for Employing NEET Youth in South Africa
South Africa is grappling with serious challenges related to youth unemployment, with many young individuals classified as NEET – Not in Employment, Education, or Training. To address this pressing issue, the government has rolled out various incentives designed to motivate businesses to hire NEET youth and provide them with essential skills for long-term sustainable employment. […]
Navigating Compliance and Maximising Benefits in South Africa’s Skills Development Framework
In South Africa’s changing economic environment, complying with the Workplace Skills Plan (WSP) and Annual Training Report (ATR) is a multifaceted challenge for businesses. As we saw in our initial discussion of the WSP (Understanding South Africa’s Workplace Skills Plan (WSP) ), this strategic document outlines a company’s strategy for employee skill development, which is […]
The Role of Learnerships in Addressing Youth Unemployment in South Africa
The discourse surrounding learnerships in South Africa brings to light a multifaceted journey encompassing youth unemployment, skills development, and the ever-changing landscape of industries. While the journey is ongoing, learnerships showcase promising strides towards addressing youth unemployment.
The Employment Tax Incentive
The Employment Tax Incentive (ETI) is a significant government program implemented in January 2014 with the primary objective of encouraging the employment of young individuals aged between 18 and 29. This initiative seeks to alleviate the financial burden associated with hiring young workers and stimulate job creation by offering tax incentives to qualifying employers. Designed […]
Learnerships
Learnerships are widely embraced in South Africa as a popular form of vocational education and training. They are available across all industries and have garnered significant attention. According to the South African Department of Higher Education and Training, more than 4 million learnerships have been registered with the various Sector Education and Training Authorities (SETAs) […]
SARS Incentives for Skills Development
Employment tax incentive (ETI) The Employee Tax Incentive (ETI) is a tax incentive introduced to encourage employers to employ youth (18 to 29 years old). The ETI allows employers a benefit of up to R18,000 per year for every qualifying youth employed. The ETI was introduced to help make it more affordable for businesses to […]