Fasset Update Complying with Changes in Legislation September to October 2010

1. Fasset Update Complying with Changes in Legislation September to October 2010 1

2. Scarce Skills • 79% relate to professional occupations • Trainee accountants and auditors • Bookkeepers, accounting technicians, general accountants • Financial officers, SCM • Support staff in public sector • Internal auditors • Taxation practitioners (local and international) • Managers in finance and accounting

3. Scarce Skills Continued • General managers • Insurance agents • Business analysts • Data architects • Black managers with management experience • Skilled women and people with disabilities

4. Reasons for Scarce Skills • Low standard of South African school education • Shortage of black trainees and trainees with Honours • Shortage of trainees interested in auditing • High drop-out rate during training • Small firms can’t compete with larger firms for salaries

5. Shortages in the Economy • Shortages of financial skills experienced in all sectors • Shortages are experienced in financial divisions in organisations in all sectors of the economy (SAICA study) • Shortages exist at the professional levels, and lower levels e.g. bookkeepers • Situation worse in the public sector

6. Fasset Grants Update

7. Learnership Cash Grant (LCG) • For black and/or disabled learners on Fasset learnerships • Grant applicable to firms employing fewer than 150 people • Maximum of 10 grants per employer • Learners registered during 2010, apply on 31 March 2011 • First-come first-served basis • Application per learner, no extensions, no query • Tax deductions for all learners, higher for people with disabilities

8. Strategic Cash Grant (SCG) • Due 31 March 2011 • Subject to capping – available budget • Change in criteria • White women acceptable for certain criteria • No extensions • MS Excel format required • 2009/2010 finalised, R16 million approved applications, 81% payout rate (budget allocated was R13 million)

9. SCG Criteria 2010/2011 External bursaries Financial support (internal bursaries) Quality-assured and structured workplace experience Workplace experience Learnerships Adult Basic Education and Training (ABET) National Standards for People Development

10. Pilot SMME Grant • Due 31 March 2011 • Based on need to support SMMEs who do not traditionally participate in learnerships • Amount will be limited to R11,000 per five employees employed in the SMME organisation

11. Assessor and Moderator Grant • Reimburse cost of training, provided the assessor or moderator registers against a Fasset qualification • The assessor requires approval of registration from the relevant professional body • Due 31 March 2010

12. Free Lifelong Learning • Attendance certificates available for download

13. Development Projects • To address the shortage of professionals in the sector • Funded workplace programmes includes soft skills, financial skills, technical and/or academic skills • Learners are black and/or people with a disability • 70% placement minimum requirement • Employers may apply for the LCG for these learners

14. AGM and Annual Function • Keynote address by Minister of Higher Education and Training Dr Blade Nzimande • Incorporating Fasset’s AGM, Best Practice Awards and Annual Thank You Function • Fasset is proud to be celebrating a decade of success • 16 September 2010

15. Sector Skills Plan (SSP) • 2011 to 2016 • Contains demand and supply analysis • Reflects scarce skills • Comments received from sector integrated and tabled to Management Board in August • Submitted to DHET and awaiting feedback • Final NSDS III not yet released

16. Strategic Direction 2011/2012 • Mandatory Grant • Pivotal Grant • SCG • LCG – entry • LCG – completion • SMME Grant • AMG • Lifelong Learning • Development Projects • Research • Fasset Skills Advisors • Impact of NSDS III

17. Thank you For more information please contact the Fasset Call Centre on 086 101 0001 or visit www.fasset.org.za