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 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.
Key Highlights
- The SASSA, FSCA, Department of Labor, and
Unemployment Insurance Fund organizations 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 pension funds, provident fund,
and retirement annuity.
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
Browse Full
Report Here: http://www.marketreportsonsouthafrica.com/marketreports/employee-benefits-in-south-africa-2021/2478159
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