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Fasset Update Complying with Changes in Legislation September to October 2010

This update highlights scarce skills in the finance and accounting industry, reasons for the shortages, and Fasset grants available for learnerships and workplace programs. It also includes information on the Sector Skills Plan, Strategic Direction for 2011/2012, and Fasset's upcoming AGM and Annual Function.

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Fasset Update Complying with Changes in Legislation September to October 2010

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  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

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