Advertise Here
Icon

Directory

IconActuaries
IconAssociations & Institutes
IconAuditors
IconBBBEE Consulting and Verification Agencies
IconBenefit Administrators & Investment Managers
IconBusiness Chambers
IconBusiness Process Management
IconBusiness Process Outsourcing
IconCompliance
IconConsumer Protection
IconCorporate Governance
IconCredit Bureaus
IconDebit Order Collection Facilities
IconEducation and Training
IconFAIS
IconHuman Resources
IconInformation Technology and Software Partners
IconLegal
IconOmbud
IconPension Fund Trustee Liability Insurance
IconPension Fund Trustee Training
IconPension Funds Adjudicator
IconPolicy Administration
IconPolicy Trading
IconPublications
IconRegulatory Authorities
IconRetirement Funds registered by the FSB
IconRetirement Products
IconSocial Grants (Government)
IconSurveys and Research
IconTraining Courses & Workshops
IconTrust Establishment & Management
IconWellness Programs
Advertise Here
  Subscribe To »

How you can benefit from the Skills Development Levy

Published

2021

Tue

16

Feb

Do you, as an employer, understand why you are paying a Skills Development Levy (SDL)? Do you know that this gives you access to funds for training? Many business owners just see it as a compulsory payment of 1% from their monthly payroll, and that’s it.

 

“Many employers don’t realise that they are able to claim a portion of this money back from their Sector Education Training Authority (SETA). There is a pool of funds available through Skills Development that they have access to, that is rightfully theirs, but that they probably don’t know about, or don’t fully utilise,” says Stephanie Engelbrecht, Skills Development Consultant of Moonstone Information Refinery.

 

Engelbrecht clarifies that employers with a total salary bill of R500 000 + over a 12-month period are required to pay SDL levies to SARS every month, according to the Skills Development Levy Act (1999), However, employers whose total remuneration to all its employees over the next 12 month period don't exceed R500 000, can also make use of this benefit to submit and claim.

 

The levies are then paid over to the particular SETA to encourage employers to train and upskill their employees. By complying with certain legal and procedural requirements, employers may claim up to 70% of the SDL back from their SETA.

 

The benefits of paying Skills Development Levy include:

  • 20% of your levy can be claimed back in a Mandatory Grant
  • 50% of your levy can be claimed in Discretionary Grants (Learnerships, Skills Programmes, Apprenticeships, Workplace Experience Placements, Internship and Bursaries)
  • Tax rebates on registered learnership programmes

 

Requirements to claim Skills Development Levies:

  • Register as a Skills Development Facilitator (SDF)
  • Submit a Workplace Skills Plan (WSP), indicating training planned for the next reporting period
  • Submit an Annual Training Report (ATR) as proof of the training conducted during the previous reporting period

 

To some employers, the skills development procedural requirements may seem like a mammoth task. “By assisting businesses with Skills Development, which looks like an impossible task to HR, we can give them access to these grants,” Engelbrecht explains. “With the 30 April deadline of the annual Workplace Skills Plan & Annual Training Reports fast approaching, Moonstone is ideally positioned to help companies with the successful submission of their reports.”

 

By ensuring successful report submission, companies can also optimise their BEE score. 

 

Moonstone is ready to work with companies to align their WSP to their BEE and Employment Equity targets, ultimately, allowing the organisation to identify areas where skills are needed and plan interventions to answer the needs. “Our consultants have the expert skills and knowledge of more than 18 years in their field to advise them on the best practice process to compliance,” Engelbrecht concludes.

 

For more information, contact the Moonstone team at workforcesolutions@moonstoneinfo.com

 

 
Source: Moonstone
 
« Back to previous page Print this page » |
 

Breaking News »

Association Of South African Black Actuarial Professionals Encouraged To “Call Things As They Are”

Terrie Ellie ( far left) (Winner of the Mentorship Award) with Nabeelah Kolia (ASABA President) and Kaila Fourie (Newly elected ASABA EXCO member) and Paballo Makupu (far right) (student liaison on the ASSA (Actuarial ...
Read More »

  

Burning issues for the energy sector

Larger complexes, budget pressures and critical asset aging are driving loss and business interruption challenges in the oil and gas industry.     * New business ...
Read More »

  

Actuarial Society expects Covid-19 fourth wave in December; death rate will depend on how quickly South Africans get the jab

South Africa’s vaccination programme faces a race against time with a fourth wave of COVID-19 infections expected for December 2021 and into January 2022. Based on their analysis of the COVID-19 experiences ...
Read More »

  

COVID-19 pandemic marked by lack of meaningful and respectful debate, says incoming Actuarial Society President

Dialogue relevant to the COVID-19 pandemic has been marked by a distinct lack of meaningful and respectful debate largely due to arrogance and a lack of curiosity, according to Tjaart Esterhuyse, the incoming President ...
Read More »

 

More News »

Image

Healthcare »

Image

Investment »

Image

Life »

Image

Short-term »

Advertise Here
Image
Advertise Here

From The Glossary »

Icon

Outstanding Claims:

See claims intimated but not finalised.
More Definitions »

 

Advertise

 

eZine

 

Contact IG

 

Media Pack

 

RSS Feeds

By using this website you agree to the Terms of Use.
Copyright © Insurance Gateway (Pty) Ltd 2004 - 2021. All Rights Reserved.