BANKSETA SETA in South Africa

Overview

Covers commercial banking, development banking, building societies, and mutual banks. Supports skills development for over 165,000 banking sector employees.

Key Functions

Each SETA is mandated to develop sector skills plans, manage learnerships and internships, approve workplace skills development plans, disburse skills development grants, and ensure quality assurance of training.

Employer Obligations

Employers with an annual payroll exceeding R500,000 must pay 1% of total payroll as the Skills Development Levy (SDL). 80% of levies collected are transferred to the relevant SETA.