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Broad-Based Black Economic Empowerment Act, 2003 (Act No. 53 of 2003)

Codes of Good Practice on Black Economic Empowerment

Integrated Transport Sector Codes

Taxi Industry Sub-Sector Code for B-BBEE

7. Taxi Associations

7.7 Socio-economic Development

 

 

7.7.1 This indicator refers to contributions of the industry towards the development of local communities. Our aim is to increase the impact of the industry within the value chain of local communities.

 

7.7.2 Industry Commits to:

 

7.7.2.1 The industry commits to a minimum socio-economic contribution which is 0.3% of total payroll or 1% of NPAT (whichever is applicable).

 

7.7.2.2 Job Creation: Socio-economic development contributions that lead to job creation in beneficiary entities will be enhanced by a factor of 1.25.

 

7.7.3 Measurement Principles and Application of the Charter

 

7.7.3.1 Measurement principles associated with the socio-economic development element are contained in Statement 700 of Code 700 of the Generic Code of Good Practice.

 

7.7.3.2 Qualifying contributions for the socio-economic development element are contained in Annexure 700 (A) - Benefit Factor Matrix of the Statement 700 of Code 700 of the Generic Codes of Good Practice.

 

7.7.3.3 The formulae required in the determination of the socio-economic development are contained in Annexure 700 (A) of Statement 700 of Code 700 of the Generic Code of Good Practice.

 

7.7.3.4 Measurement principles required in evaluating socio-economic development contributions made by QSEs within this sub-sector are contained in Statement 807 of Code 800 of the Generic Codes of Good Practice.