Education/Training Financial Assistance Policy

PURPOSE

Employees are encouraged to make use of the opportunities provided by various institutions to further their education or qualifications through part-time study. The company may provide employees with financial assistance, which will enable the employee to gain access to training and development opportunities. The costs of training is considered as an investment in the long-term development of the employee for the benefit of the company.

ELIGIBILITY

This benefit is available to all permanent employees who have been employed for at least one year.

 

APPROVAL PROCEDURE

A completed application form together with the course outline, costs and exam timetables are to be handed to Human Resources together with line management approval.

Approval of the cost of the education or training will be based on the employee’s length of service, budget constraints and whether such training is within the scope of the employees’ job and where advancement or enhancement of performance is required, and at management’s discretion.

The employee will be expected to sign an Obligation of Service contract and an Acknowledgement of Debt form. The Company requires an employee to work back a period in exchange for undergoing the training. The length of the work back period will depend on the cost of the studies.

The following table can be used as a guideline:

 

Cost of Education or Training

Duration of work back period

R2 000 – R4999

12 Months

R5 000 – R8999

18 Months

R9 000 – R15999

24 Months

R16 000 – R24 999

30 Months

R25 000 or more

36 Months

 

 

The amount payable for the approved training/education will be paid directly to the relevant institution/training provider on or before the registration date.

 

The employee must ensure that the Company is informed of the course results as soon as they are received and copies of these records must be handed to Human Resources.

 

Study leave can be applied for in accordance with the company’s study leave policy, for the purpose of studying for and writing of examinations.

 

CONDITIONS

The financial assistance is granted on the following conditions:

 

(a) Should the employee leave the Company during the course of the study period for any reason, excluding retrenchment or redundancy, the total amount sponsored shall be repayable immediately on termination of service.

(b) Should the employee fail a subject/(s) or the course, not write a subject/(s) or not complete the course, for any reason whatsoever, the full cost of the subject/(s) or course will be converted to a study loan and must be repaid to the Company over a maximum period of twelve months.

(c) The employee undertakes to continue to render his/her services to the Company as per the service obligation period agreed, from the date of obtaining the relevant pass or, alternately to repay the total amount sponsored which will be calculated on a pro-rata basis and will be payable immediately on termination of service.

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