Employee Benefits in South Africa, 2022 Update - Key Regulations, Statutory Public and Private Benefits, and Industry Analysis

Employee Benefits in South Africa, 2022 Update - Key Regulations, Statutory Public and Private Benefits, and Industry Analysis

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 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 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 into 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.

Key Highlights

• The South African Social Security Agency, Financial Sector Conduct Authority, and Department of Labor are responsible for the functioning of the overall social security system.
• 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 voluntary retirement benefits to their employees through occupational pension schemes and annuity fund.

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, grant-in-aid, social relief distress, compensation, leaves and holidays 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 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