All companies with an annual payroll exceeding R500 000.00 are required to register for and pay SDL as per the Skills Development Levies Act 9 of 1999.
Companies are required to pay 1% of their total annual payroll to SARS every month. SARS allocates these levies to the applicable SETA depending on the industry in which the organization operates.
The SETAs’ main goal is to advance South Africa’s workforce by improving the national skills level as set out in our Skills Development Act 97 of 1998.
Skills development is an imperative factor in reaching organizational goals and objectives. To own a prosperous business or brand, one needs to understand and master the importance of skills development and what impact it imposes on individuals and the economy.
Employees who have access to the necessary development and training will have the required skills and abilities to contribute to organizational goals and objectives.
Skills development impacts individuals, the community and contributes to social development. It develops a country’s workforce, motivates the youth, encourages entrepreneurship, and decreases poverty.
As individuals are uplifted through skills development, there is an increase in economic growth, foreign investments and a country’s competitiveness.
Developing your employees’ skills will lead to a better quality of life, motivation and productivity, contributing to the upliftment and improvement of the community, individuals, your own organization and ultimately our economy.
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