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Reminder: EE reports deadline
- 03 January 2025
- Regulatory Compliance and Legislation
- South African Accounting Academy
Summary:
The Employment Equity Act Amendments became effective on 1 January 2025, and the 2024 EE reporting period opened on 1 September 2024 will be closing on 15 January 2025.
Article:
All designated employers (with 50 or more employees) must submit their 2024 EE reports using the current Act and regulations.
Smaller employers who are designated due to revenue criteria must also submit a report. This includes employers employing less than 50 employees but with a turnover exceeding the thresholds in the Act.
Employers must use the current report format and regulations.
Employers who became designated between April 1 and October 1, 2024 must submit their first report on October 1, 2024.
Employers with an active EE plan do not need to develop a new one. However, they should continue to pursue the targets and objectives in their existing plan.
Employers with expired EE plans must create a new plan that aligns with the Employment Equity Act (EAP) and the provisional Sectoral Targets.
Employers who fail to report may face financial penalties. Non-compliance may also affect an employer's ability to recognize points on the B-BBEEE scorecard.
Click here to access more information and submit reports online:
https://ee.labour.gov.za/DMISO/
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.