Employee Benefits in South Africa 2021
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