WebVoluntary retrenchment: what you need to know to stay legal Author: Talita Laubscher, Qaqamba Vellem - Bowman Gilfillan Subject: Voluntary retrenchment: what you need to know to stay legal Keywords: retrenchment, Voluntary retrenchment, legal standing, employment law article, law article, bowman gilfillan Created Date: 10/12/2010 3:34:16 PM Web10 Mar 2024 · To qualify for the special tax rates applicable to severance benefits due to retrenchment, your employer must have paid you a lump sum as a result of your employment having been, amongst other things, terminated or lost. In addition to the above, you will also only qualify for the tax incentive if: you have attained the age of 55 years at …
Voluntary retrenchment may no longer be an easy sell - GoLegal
Retrenchment happens when a company is faced with the unfortunate reality that it is no longer financially capable of retaining certain employees. The result is a reduction in the number of people employed at the company so that it can continue meeting its operational requirements. Employers may retrench … See more • Economic needs • Technological needs • Structural needs The court looks at the following when deciding whether the employer’s decision to retrench the … See more The unemployment insurance fund (UIF) provides short-term financial aid to individuals who have suddenly become unemployed through no fault of their own. The … See more Our attorneys provide professional, legal assistance with matters related to labour law in South Africa. For more information on this, please contact us. See more WebEmployees should be paid at least one week’s remuneration for each completed and continued year of service. (‘Remuneration’ includes basic salary, payment in kind and discretionary payments related to working hours or performance). Should an employee unreasonably refuse an offer of alternative employment he/she will not be entitled to a ... timothy the ghost engine crash
The difference between voluntary and involuntary retrenchment
Web14 May 2024 · When you decide to take early retirement, the first R25,000 of your pension or provident fund withdrawal will be tax-free, the rest will be subject to tax as per the retirement lump sum tax table: 18% of the balance up to R660,000 and 27% of the balance up to R990,000 and the rest at 36%. Web14 Apr 2024 · The retrenchment procedure is set out in the Labour Relations Act, and the Basic Conditions of Employment Act to give clear guidance on what has to be included when calculating your severance package. Web16 Jul 2024 · Demotion as an alternative to retrenchment: One way to assist employers with the Covid-19 outbreak ... If sick leave is exhausted, the employee may claim UIF illness benefits. If, however, the employee has travelled to an “at risk” area or has been in direct contact with people who have the COVID-19 disease, the employer may consider flexi ... partial walkout basement plans