Employee Benefits in South Africa 2018

GlobalData
45 Pages - GLDATA66569
$1,495.00

Summary

South Africa has a well-developed social security system, which covers employees and their dependents, as well as unemployed persons and individuals. The Department of Labor (DoL) is the central labor administration body, and is regulated by Ministry of Labor. The South African social security system is composed of three pillars: the non-contributory pillar (taxed pillar), the contributory pillar and the private voluntary pillar. The contributory pillar includes social insurance, while the non-contributory pillar includes social assistance and social relief distress. The private voluntarily pillar covers pensions, short-term, work-injury and healthcare benefits, and is usually voluntary, but can become obligatory based on a company’s policy, work, industry and sector.

The report provides in-depth industry analysis, information and insights of the employee benefits in South Africa, including: overview of the state and compulsory benefits in South Africa, detailed information about the private benefits in South Africa, insights on various central institutions responsible for the administration of the different branches of social security and the regulatory framework of the employee benefits in South Africa.

Key Highlights

- Employee benefits required by law are known as state and compulsory benefits.
- The South African social security system is composed of three pillars: the non-contributory pillar (taxed pillar); the mandatory contributory pillar; and the private voluntary pillar.
- An individual should have full time permanent employment in order avail private benefits.
- Old-age, survivor's and disability pension, workmen’s compensation insurance, sickness benefits, medical benefits, social relief of stress and grant-in-aid are the main state and compulsory benefits that are in force in South Africa.

Scope

- This report provides a detailed analysis of employee benefits in South Africa.
- It offers a detailed analysis of the key government-sponsored employee benefits, along with private benefits
- It covers an exhaustive list of employee benefits, including retirement benefits, death in service, long-term disability benefits, medical benefits, workmen's compensation insurance, maternity and paternity benefits, family benefits, unemployment, leave and private benefits
- It highlights the economic and regulatory situations relating to employee benefits in South Africa.

Reasons to buy

- Make strategic decisions using in-depth information related to employee benefits in South Africa.
- Assess South African employee benefits market, including state and compulsory benefits and private benefits.
- Gain insights into the key employee benefit schemes offered by private employers in South Africa.
- Gain insights into key organizations governing South African employee benefits, and their impact on companies.

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Table of Contents
1 EXECUTIVE SUMMARY
2 INTRODUCTION
2.1 What is this Report About?
2.2 Definitions
3 COUNTRY STATISTICS
4 OVERVIEW OF EMPLOYEE BENEFITS IN SOUTH AFRICA
5 REGULATIONS
6 STATE AND COMPULSORY BENEFITS
6.1 Retirement Benefits
6.1.1 Introduction
6.1.2 Eligibility
6.1.3 Age
6.1.4 Benefits
6.1.5 Payment Options
6.1.6 Typical Employer Practice
6.1.7 Employee and employer contributions
6.1.8 Taxation
6.2 Death in Service
6.2.1 Introduction
6.2.2 Eligibility
6.2.3 Benefits
6.2.4 Payment Options
6.2.5 Typical Employer Practice
6.2.6 Employee and employer contributions
6.2.7 Taxation
6.3 Long-Term Disability Benefits
6.3.1 Introduction
6.3.2 Eligibility
6.3.3 Benefits
6.3.4 Payment Options
6.3.5 Typical Employer Practice
6.3.6 Employee and employer contributions
6.3.7 Taxation
6.4 Short-Term Sickness Benefits
6.4.1 Introduction
6.4.2 Eligibility
6.4.3 Benefits
6.4.4 Payment Options
6.4.5 Typical Employer Practice
6.4.6 Employee and employer contributions
6.4.7 Taxation
6.5 Medical Benefits
6.5.1 Introduction
6.5.2 Eligibility
6.5.3 Benefits
6.5.4 Typical Employer Service
6.6 Workmen’s Compensation Insurance
6.6.1 Introduction
6.6.2 Eligibility
6.6.3 Benefits
6.6.4 Payment Options
6.6.5 Employee and employer contributions
6.6.6 Taxation
6.7 Maternity and Paternity Benefits
6.7.1 Introduction
6.7.2 Eligibility
6.7.3 Benefits
6.7.4 Payment Options
6.7.5 Employee and employer contributions
6.7.6 Taxation
6.8 Family Benefits
6.8.1 Introduction
6.8.2 Eligibility
6.8.3 Benefits
6.8.4 Payment Options
6.8.5 Employee and employer contributions
6.8.6 Taxation
6.9 Grant-in-aid
6.9.1 Introduction
6.9.2 Eligibility
6.9.3 Benefits
6.9.4 Payment Options
6.9.5 Employee and employer contributions
6.9.6 Taxation
6.1 Social Relief of Distress
6.10.1 Introduction
6.10.2 Eligibility
6.10.3 Benefits
6.10.4 Payment Options
6.10.5 Employee and employer contributions
6.10.6 Taxation
6.11 Unemployment Benefits
6.11.1 Introduction
6.11.2 Eligibility
6.11.3 Benefits
6.11.4 Payment Options
6.11.5 Employee and employer contributions
6.11.6 Taxation
6.12 Compensations
6.12.1 Introduction
6.13 Leaves and Holidays
6.13.1 Annual leave
6.13.2 Public holidays
7 PRIVATE BENEFITS
7.1 Retirement Benefits
7.2 Disability Benefits
7.3 Death Benefits
7.4 Sickness Benefits
7.5 Medical and Health Benefits
7.6 Work Injury Benefits
7.7 Other Benefits
8 APPENDIX
8.1 Methodology
8.2 Contact GlobalData
8.3 About GlobalData
8.4 GlobalData’s Services
8.5 Disclaimer

List of Tables
Table 1: Insurance Industry Definitions
Table 2: South Africa - Country Statistics
Table 3: South Africa - Leaves: Fixed National and Public Holidays

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