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  5. > Employee Benefits in South Africa

Employee Benefits in South Africa

  • November 2014
  • -
  • Timetric
  • -
  • 50 pages

Synopsis
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
- The regulatory framework and recent regulations relating to South African employee benefits



Summary
South Africa has a well-developed social security system, which covers employees and their dependents, 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), contributory pillar and 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.

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 benefits, long-term disability benefits, short-term sickness, medical benefits, workmen’s compensation, maternity and paternity benefits, family benefits, unemployment, minimum resources, long-term care insurance 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 South African employee benefits
- Assess the 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 regulations governing South African employee benefits, and their impact on companies

Key Highlights
- The South African social security system is composed of three pillars: the non-contributory pillar (taxed pillar), contributory pillar and private voluntary pillar
- The contributory pillar includes social insurance, while the non-contributory pillar includes social assistance and social relief distress
- Private benefits are provided by South African employers to their employees, as social security benefits are minimal

Table Of Contents

Employee Benefits in South Africa
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 Benefit
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 practice
6.6 Workmen's Compensation
6.6.1 Introduction
6.6.2 Eligibility
6.6.3 Benefits
6.6.4 Payment options
6.6.5 Employee and employer contributions
6.7 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 contribution
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 contribution
6.10.6 Taxation
6.11 Unemployment
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
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 Macroeconomic Indicators
8.1 Economic Performance
8.1.1 GDP at constant prices (US$)
8.1.2 GDP per capita at constant prices (US$)
8.1.3 GDP at current prices (US$)
8.1.4 GDP per capita at current prices (US$)
8.1.5 GDP by key sectors
8.1.6 Inflation rate
8.1.7 Annual average exchange rate (US$-ZAR)
8.1.8 Unemployment rate
8.1.9 Household consumption expenditure
8.1.10 Gross national disposable income
8.2 Demographics
8.2.1 Total population
8.2.2 Labor force
8.2.3 Urban and rural populations
9 Appendix
9.1 Methodology
9.2 Contact Timetric
9.3 About Timetric
9.4 Timetric's Services
9.5 Disclaimer

List of Tables
Table 1: Definitions
Table 2: South Africa - Country Statistics

List of Figures
Figure 1: South African GDP at Constant Prices (US$ Billion), 2008-2012
Figure 2: South African GDP Per Capita at Constant Prices (US$), 2008-2012
Figure 3: South African GDP at Current Prices (US$ Billion), 2008-2012
Figure 4: South African GDP Per Capita at Current Prices (US$), 2008-2012
Figure 5: South African GDP by Key Sectors (%), 2008-2012
Figure 6: South African Inflation Rate (%), 2008-2012
Figure 7: South African Annual Average Exchange Rate US$-ZAR, 2008-2012
Figure 8: South African Unemployment Rate (%), 2008-2012
Figure 9: South African Household Consumption Expenditure (US$ Billion), 2008-2012
Figure 10: South African Gross National Disposable Income (US$ Billion), 2008-2012
Figure 11: South African Total Population (Million), 2007-2011
Figure 12: South African Size of Labor Force (Million), 2007-2012
Figure 13: South African Urban and Rural Population (%), 2008-2012

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