Business / Local
Zimdef records more than $12.6 million surplus
11 Jul 2013 at 21:17hrs | Views
THE Zimbabwe Manpower Development Fund (Zimdef) recorded a surplus of more than $12.6 million in the year ending 31 December 2012, up from $11,7 million the same period the previous year.
In audited financial statements of its operations, the statutory body charged with manpower training needs for the country's industry, said it collected revenue of more than $42,9 million up from $34,4 the prior.
Most of the revenue ($39,3 million) came from the one percent training levy payable by all registered employers based on the wage bill.
Other revenue came from interest on investment ($2,6million) the Management Training Bureau ($1,2million) and rentals ($337 895).
The revenue from the training levy was 23 percent higher compared to last year when $31 million was raised.
"The improved performance was largely due to a combination of aggressive collection strategy, improved debt management policies and sterling co-operation from employers contributing to one per cent training levy under such harsh economic conditions."
However, it said contributions to the levy were affected by the economy as industry did not perform well, keeping employment levels low.
During the year under review, Zimdef spent $3 million on building projects which included St Patrick's Hotel in Bulawayo, the engineering workshop at Kwekwe Polytechnic and Chinhoyi Hotel School.
In its outlook, Zimdef said it expected the performance of the economy to improve, which would in turn result in more employers contributing to the training levy. Zimdef was set up in terms of the Manpower Planning and Development Act and is administered by the Minister of Higher and Tertiary Education.
In audited financial statements of its operations, the statutory body charged with manpower training needs for the country's industry, said it collected revenue of more than $42,9 million up from $34,4 the prior.
Most of the revenue ($39,3 million) came from the one percent training levy payable by all registered employers based on the wage bill.
Other revenue came from interest on investment ($2,6million) the Management Training Bureau ($1,2million) and rentals ($337 895).
The revenue from the training levy was 23 percent higher compared to last year when $31 million was raised.
"The improved performance was largely due to a combination of aggressive collection strategy, improved debt management policies and sterling co-operation from employers contributing to one per cent training levy under such harsh economic conditions."
However, it said contributions to the levy were affected by the economy as industry did not perform well, keeping employment levels low.
During the year under review, Zimdef spent $3 million on building projects which included St Patrick's Hotel in Bulawayo, the engineering workshop at Kwekwe Polytechnic and Chinhoyi Hotel School.
In its outlook, Zimdef said it expected the performance of the economy to improve, which would in turn result in more employers contributing to the training levy. Zimdef was set up in terms of the Manpower Planning and Development Act and is administered by the Minister of Higher and Tertiary Education.
Source - Chronicle
