◦Regulatory compliance
Understanding and identifying the relevant SETA is crucial for businesses to remain compliant with South Africa’s skills development legislation. Failure to comply with SETA requirements may result in penalties and could hinder an organisation’s eligibility for various grants and incentives provided by the government.
◦Developing Skills
◦Combating Unemployment
◦Access to funding
Many SETAs offer financial incentives and grants to businesses that actively participate in skills development. By knowing their SETA and aligning their WSPs and ATRs accordingly, businesses can access funding opportunities that can significantly offset the costs associated with training initiatives.
◦Tax incentives