Socio-Economic Development (SED) is the monetary and non-monetary contribution for individuals (natural individuals or groups of natural individuals), which are implemented with the objective of facilitating income-generating activities for the intended black South African beneficiaries.
If the percentage of black people is at a percentage of at least 75%, the Codes of Good Practice allow the full value of a contribution made to be recognisable. If the percentage is less than 75%, the actual percentage is taken and multiplied by the value of the contribution.
BBBEE Wise can assist and advise on the following in terms of the Socio-Economic Development Element:
- Calculate target spend for the measured period.
- Identify your companies’ specific needs.
- Recommend beneficiaries that meet your needs.
- Due Diligence will be conducted on the beneficiary, ensuring they meet these requirements.
- Ensure that all beneficiaries are registered to issue Section 18A Certificates.