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Employment Equity Amendment Act and Regulations: 2024 EE Reporting period
- 26 August 2024
- Regulatory Compliance and Legislation
- South African Accounting Academy
Consequently, all designated employers must submit their 2024 EE reports using the current Act and regulations. This includes employers employing less than 50 employees but with a turnover exceeding the thresholds in the Act.
The EE Amendment Bill was signed into law on 06 April 2023 by President Cyril Ramaphosa.
The Amendments to the EE Act of 1998 and its Regulations are primarily aimed at empowering the Minister of Employment and Labour to regulate the setting of sector specific EE numerical targets and the promulgation of Section 53 that deals with the issuing of an EE Compliance Certificate as a prerequisite for accessing of State contracts.
Click here to download the Media Statement:
Relevance to Auditors, Independent Reviewers & Accountants:
- The Employment Equity Amendment Act and Regulations is yet another piece of legislation that your clients must comply with, and which you must assess compliance with. If they don’t comply with the relevant laws and regulations, you have certain reporting obligations in terms of NOCLAR (NOn-Compliance with Laws And Regulations) – this could include reporting to management, qualifying your audit opinion, reporting a Reportable Irregularity, etc.
- As an employer with more than 50 employees, you also need to submit EE report in your workplace.
Relevance to Your Clients:
- An entity with more than 50 employees (company or close corporation) has a duty to comply with the Employment Equity Act, and directors have to fulfil their duties accordingly, otherwise they could be held liable.
- An employer needs to then submit EE reports annually by the deadline date.