Employee Benefits in South Africa 2018
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.
- 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.
Reasons to buy
- 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.
- 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.