Wits B-BBEE Missing Middle Campaign Helpdesk
Your B-BBEE score can change the lives of the ‘missing middle'
For more information, contact Charné Haak | Charne.Haak@wits.ac.za
“It is up to our captains of industry to rally together behind this cause and assist the youth within the missing middle”.
Sizwe Nxasana, Former CEO of FirstRand Group, Chairman of the Ikusasa Student Financial Aid Programme
Wits DFO BBBEE Missing Middle?
In South Africa, university is open to rich and poor – but what about the children of South Africa’s nurses, teachers and police officers, who fall outside the National Student Financial Aid Scheme (NSFAS) funding for poor students, yet do not have enough funding to cover the cost of studying?
The expectation is that these middle-income families can secure bank loans to finance the education of their children. Unfortunately, many of these parents are so indebted that our risk-averse financial institutions would not consider them for loans**.
Since the new Amendments to the Codes of Good Practice came into effect, organisations may now earn up to 4 points on the Skills Development Element for pro-rata spending towards the target of 2,5% of payroll on bursaries for black South African students at higher education institutions.
- Amendments to the B-BBEE Codes of Good Practice came into effect on 1 December 2019
- The Skills Development Element now includes a new target of spending 2,5% of payroll on bursaries for black students at Higher Education Institutions
- Stipends, accommodation and related bursary costs are now recognised at 100% of spending
- This is a window of opportunity for our nation to foster the success of the approximately 216,000 young black South Africans who have gained admission to university but lack the funding to progress, and fall outside the threshold for state funding to poor families
“… education shall be free, compulsory, universal and equal for all children; higher education and technical training shall be opened to all by means of state allowances and scholarships awarded on the basis of merit.” The Freedom Charter