Standard Bank Namibia registered for VET Levy
29 Mar 2014 13:50pm
WINDHOEK, 29 MAR (NAMPA) - Standard Bank Namibia is now fully registered for the Vocational Education and Training (VET) Levy as required by the National Training Authority (NTA).
This initiative encourages us to continuously up-skill our staff, making Standard Banks human capital relevant in a competitive and fast-changing environment.
The introduction of the VET levy came at an opportune time and ties in perfectly with our stated objective of creating and embedding a learning culture, Margaux-Jo Marais, Head of Learning and Development at Standard Bank Namibia, was quoted as saying in a media statement availed to Nampa on Saturday morning.
The VET Levy further requires that the banks facilitators have to be accredited assessors and moderators.
Marais said as a major player in the economy, Standard Bank Namibia understands that highly skilled people deliver results.
Our training focus is therefore directed to addressing internal skills gaps and subsequently contributing to Governments stated intention of creating a skilled workforce. We embrace this progressive proposition as we believe that this emphases our vision of moving forward, she said.
The imposition of the VET Levy on employers is provided for under Section 35 of the Vocational Education and Training Act, Act No. 1 of 2008, which states that the Minister of Education, with the concurrence of the Minister of Finance and after consulting the NTA Board, may impose a levy to be paid by employers in general or specific categories of employers for the purpose of facilitating and encouraging Vocational Education and Training.
Employers with an annual payroll exceeding N.dollars 1 million must register for the VET Levy with the NTA. The VET Levy will come into effect on 01 April 2014.