
Employee Benefits in South Africa 2025
Description
Employee Benefits in South Africa 2025
Summary
The report provides in-depth industry analysis, information, and insights of the employee benefits in South Africa, including an 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.
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 the 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 voluntary 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.
Key Highlights
This report provides a detailed analysis of employee benefits in South Africa
Summary
The report provides in-depth industry analysis, information, and insights of the employee benefits in South Africa, including an 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.
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 the 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 voluntary 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.
Key Highlights
- South African Social Security Agency, Financial Sector Conduct Authority and Department of Labor are responsible for the functioning of the overall social security system in South Africa.
- A person’s national insurance contribution is determined based on their income.
- An insured person who is unemployed or unable to work and whose benefits have been exhausted is entitled to credited contribution.
- In South Africa, employers provide supplementary pension benefits as social security benefits.
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, Short-trem Sickness Benefit, medical benefits, workmen's compensation insurance, maternity and paternity benefits,Unemploymenmet benefit, Family Benefit, Grant-in-Aid, Social Relief distress, leaves and holidays 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 the country
- Assess employee benefits of the market, including state and compulsory benefits and private benefits
- Gain insights into the key employee benefit schemes offered by private employers in the country
- Gain insights into key organizations governing employee benefits market, and their impact on companies
Table of Contents
53 Pages
- 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
- Introduction
- Eligibility
- Benefits
- Payment Options
- Contribution
- 6.2 Death in Service
- Introduction
- Eligibility
- Benefits
- Payment Options
- Contribution
- 6.3 Long-Term Disability Benefits
- Introduction
- Eligibility
- Benefits
- Payment Options
- Contribution
- 6.4 Short-Term Sickness Benefits
- Introduction
- Eligibility
- Benefits
- Payment Options
- Contribution
- 6.5 Medical Benefits
- Introduction
- Eligibility
- Benefits
- Payment Options
- Contribution
- 6.6 Workers’ Compensation Insurance
- Introduction
- Eligibility
- Benefits
- Payment Options
- Contribution
- 6.7 Maternity and Paternity Benefits
- Introduction
- Eligibility
- Benefits
- Payment Options
- Contribution
- 6.8 Other Benefits
- Unemployment Benefits
- Family Benefits
- Grant-in-Aid
- Social Relief distress
- Leaves and Holidays
- 7 Private Benefits
- 7.1 Retirement Benefits
- 7.2 Death Benefits
- 7.3 Medical benefits
- 7.4 Disability Benefits
- 7.5 Accidental Death and Dismemberment Benefits
- 7.6 Other Benefits
- 8 About GlobalData
- 9 Contact Us
- List of Tables
- Table 1: South Africa – Employer medical subsidy in service of the employee
- Table 2: Insurance industry definitions
- Table 3: South Africa – Country statistics, 2024
- Table 4: Employer medical subsidy in service of the employee
- Table 5: South Africa – Leaves: fixed national and public holidays 2025
- Table 6: South Africa – Share in hybrid funds based on the fund class, March 2025
- Table 7: South Africa – Share in DB funds based on the fund class, April 2025
- Table 8: South Africa – Share in DC Funds Based on the Fund Class, April 2025
Search Inside Report
Pricing
Currency Rates
Questions or Comments?
Our team has the ability to search within reports to verify it suits your needs. We can also help maximize your budget by finding sections of reports you can purchase.