Skills Development Act, 1998 (Act No. 97 of 1998)

Chapter 7 : Financing Skills Development

27. National Skills Fund
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(1)The National Skills Fund is hereby established.

 

(2)The Fund must be credited with—
(a)20 per cent of the skills development levies, interest and penalties collected in respect of every SETA, as required by sections 8(3)(a) and 9(a) of the Skills Development Levies Act;

[Section 27(2)(a) amended by section 5 of Act No. 9 of 1999]

[Commencement date of sectioni 27(2)(a): 10 September 1999]

(b)the skills development levies, interest and penalties collected by the Commissioner from employers which do not fall within the jurisdiction of a SETA, as required by section 8(3)(c) of the Skills Development Levies Act;

[Section 27(2)(b) amended by section 5 of Act No. 9 of 1999]

[Commencement date of section 27(2)(b): 10 September 1999]

(c)money appropriated by Parliament for the Fund;
(d)interest earned on investments contemplated in section 29(3);
(e)donations to the Fund; and
(f)money received from any other source.