The South African parliament has recently passed legislation dividing occupational retirement contributions into two pots (referred to hereunder as components) making one-third of the funds accessible prior to retirement and the remaining two-thirds available only at retirement or death. The new system, known as the “two-pot” system, will come into effect on 1 September 2024.
The South African government has recently released draft legislation that would divide occupational retirement contributions into two pots, making one-third of the funds accessible prior to retirement and the remaining two-thirds available only at retirement or death.
The new system, known as the “two-pot” system is expected to come into effect on 1 March 2024, at the earliest—the government has proposed an implementation delay that would move all implementation dates from 2024 to 2025, but it remains to be seen whether Parliament will adopt the postponement.
On 12 June 2023, the National Assembly of the South African Parliament passed the National Health Insurance (NHI) Bill (the “Bill”). The Bill aims to establish a universal healthcare system supported by a National Health Insurance Fund (the “Fund”). As it stands, the Fund is expected to be financed by monthly employee payroll contributions and through general tax increases.
The Bill has advanced to the next stage and has been referred to the National Council of Provinces (NCOP) for review and possible revisions. Once final, the Bill will be sent to the President for assent.
On 23 November 2018, the Labour Laws Amendment Bill was signed into law and finally entered into effect on 1 January 2020. The amendment bill introduces new parental leave entitlements for fathers, adoptive and surrogate parents, as well as introducing […]
Updated 4 September 2019 The National Health Insurance (NHI) Bill is currently being discussed by the South African Parliament’s health portfolio committee before being published for public comment. Interested parties will have until 11 October 2019 to make written submissions […]
Update: This bill was signed into law on 23 November 2018, and entered into effect on 1 January 2020. The National Assembly, South Africa’s lower house of Parliament, passed the Labor Laws Amendment Bill B-29-2017 on 28 November 2017. If […]