Get used to affirmative action
The Labour Minister Membathisi Mdladlane stated that Affirmative action will never be ruled out in South Africa and will be intensified.
(IOL, 1 March 2007)
ANC employs more than twenty recruiters to get business to join their controversial fundraising scheme, the Progressive Business Forum (PBF). Recruiters receive commission of 10% on a R10000 sale made and up to 20% on a R24000 sale.
(Sunday Times, 25 February 2007)
The overall pass rate in the qualifying examinations to become qualified CA’s fell from 56% in 2006 to 41% when the results came out on Friday. The pass rate for first time and repeat candidates also fell from 61% and 33% in 2006 to 51% and 25% respectively.The South African Institute of Chartered Accountants (SAICA) is disappointed with the results.
(IOL, 23 February 2007)
Treasury officials say the new social security pension will provide relief for middle-income earners and not be a tax burden on the wealthy. There should be no additional contributions if you current retirement fund contributions are at a rate of 15%. Mandatory participation will apply up to an agreed earnings threshold for basic retirement, unemployment, death and disability benefits. Additional mandatory participation in private retirement funds will kick in for those earning above the threshold. A wage subsidy will assist low income earners pay for their contributions. The reforms should lead to a reduction in the number of registered retirement funds from the existing 13500 funds. According to Manuel, 66.67% of South Africans retire without adequate retirement provision. SARS will administer the system and payroll systems must be modified.
(Fin24, 23 February 2007