Employee Benefits in South Africa 2020

Employee Benefits in South Africa 2020



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 companys 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.

Key Highlights

- The Department of Labor (DoL) is responsible for the functioning of the overall social security system .
- A persons 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 DB and DC (retirement annuity plans) schemes.

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, workmens 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

Reasons to Buy

- Make strategic decisions using in-depth information related to employee benefits in South Africa.
- Assess South Africas 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 Africas employee benefits, and their impact on companies.

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 Benefits
6.1.4 Payment Options
6.1.5 Contributions
6.2 Death in Service
6.2.1 Introduction
6.2.2 Eligibility
6.2.3 Benefits
6.2.4 Payment Options
6.2.5 Contributions
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 Contributions
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 Contributions
6.5 Medical Benefits
6.5.1 Introduction
6.5.2 Eligibility
6.5.3 Benefits
6.6 Workmens Compensation Insurance
6.6.1 Introduction
6.6.2 Eligibility
6.6.3 Benefits
6.6.4 Payment Options
6.6.5 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 Contributions
6.8 Other Benefits
6.8.1 Unemployment Benefits
6.8.2 Family Benefits
6.8.3 Grant-in-aid
6.8.4 Social Relief of Distress
6.8.5 Compensations
6.8.6 Leaves and Holidays
7 PRIVATE BENEFITS
7.1 Retirement Benefits
7.2 Disability Benefits
7.3 Death Benefits
7.4 Medical Benefits
7.5 Accidental Death and Dismemberment Benefits
8 APPENDIX
8.1 Methodology
8.2 Contact GlobalData
8.3 About GlobalData
8.4 GlobalDatas Services
8.5 Disclaimer

List Of Tables


Table 1: Insurance Industry Definitions
Table 2: South Africa - Country Statistics
Table 3: South Africa - Leaves: Fixed National and Public Holidays 2020
Table 4: South Africa - Share in DB funds based on the fund class
Table 5: South Africa - Share in DC funds based on the fund class

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