Sign in
Download Opera News App

Economy&Finance

 

Investing

 

Fund

Here is a list of 3 South African major laws to be scratched out

Three new pieces of legislation for South Africa have been suggested, including changes for domestic workers and complexes.

Parliament will now discuss a slew of new legislation that was released this week and is now under consideration.

In addition to the rules on sectional names, the draft legislation contains proposed pension changes as well as provisions for domestic workers, among other things.

The most recent legislation is presented in more detail below.


1. Titles of Segment Subsections

Deputy Minister of Agriculture, Land Reform, and Rural Development Thoko Didiza issued a Directive in which she announced her intention to introduce a Sectional Title Improvement Bill into Parliament by the end of this year, according to the DA.

It is possible that the law, which was approved by the Cabinet at the end of August, would modify the current Sectional Titles Act, which provides for the establishment of Sectional Title Schemes.

The proposed changes are intended to provide more clarity and security to tenants and other people who have a lease on a residential property in the future.

The Explanatory Summary, which was made available on the Department's website, provides more information on the proposed changes, including:

If a portion of a property is to be converted completely or partially into residential space, developers should be required to conduct a meeting with any clients who own or lease the building. the developer's representatives responding to questions presented to them by lessees' representatives

Assertively state that the certificate issued by the architect or land surveyor must also be in compliance with Section 26(2) of the Urban Planning and Land Use Management Act.

The Sectional Plans may also be modified in the area of exclusive use, according to the regulations.

It is necessary for the applicant to submit a subdivision or consolidation proposal to the surveyor-general in order to be granted authorization to subdivide, combine, or expand the area in question.

2. Pensions

For its latest Private Member's Bill (PMB) to amend the Pension Funds Act, the Democratic Alliance (DA) has asked for public feedback on the proposal.

According to the bill, the current Pension Funds Act will be amended so that pension system participants may access a portion of their pre-retirement pension fund in the form of a loan guarantee.

According to the party, this would assist to alleviate financial pressure during an epidemic, such as a coronavirus pandemic or any other catastrophe similar to the Covid-19 virus.

"As a result of the sad spread of the Covid-19 epidemic in South Africa, our nation's growth has been dealt a devastating blow, and many South African families have found themselves in financial difficulty. A lifeline like this will save the lives of a great many individuals "According to the DA.

When a member is granted access to a pension-backed credit, the member will be able to optimize their savings in the pension fund until their retirement date while not reducing their allowance for future retirement.

The DA said that financing companies would be ready to offer loans to representatives of the pension system at acceptable interest rates and over extended or conditional payment periods, provided that the loan was fully guaranteed by a government agency.

'Under the provisions of the law, a qualified investment fund may make a promise to a pension fund member equal to up to 75 percent of the assets of the fund.'

According to the report, "by enabling a member to obtain a tax-backed credit, the member would be able to optimize their pension fund contributions before their retirement date without diminishing their allowance for future retirement."

3. Household employees

Thulas Nxesi, Minister of Jobs and Labor, has presented an amendment to Parliament on Benefits for Workplace Accidents and Diseases, which will be debated later this year.

The bill would make a number of amendments to the existing Benefits for Workplace Injury and Diseases Legislation - including modifications to the legal definition of "employee" to include domestic workers in the scope of the legislation.

It is already specified in the Workers' Compensation Act that workers are entitled to benefits under certain circumstances – however, this does not apply to domestic employees or gardeners.

When it comes to collecting benefits, domestic employees are only entitled to file a grievance with the Unemployment Benefits Administration and, in certain cases, to file a lawsuit against their employer.

The aim of the present bill is to make this situation better by making the Act applicable to domestic workers as well.

Additionally, the bill seeks to establish laws that would "fight the proclivity of some employees to dismiss personnel on the grounds of work-related accidents or illnesses," according to Nxesi.

It is stated in the Explanatory Memorandum that "Chapter VII(A) seeks to integrate the concept of a multi-disciplinary workforce rehabilitation and reintegration mechanism for handicapped workers or employees who have acquired occupational illnesses."

The business would be forced to exhaust both rehabilitation and reintegration processes until the individual is laid off, according to Nxesi, who is a recovering attorney.

Employees would be rewarded for complying fully with the requirements of this chapter by receiving refunds on their regular performance evaluations, according to the proposal.

Content created and supplied by: Mzansi4Sho (via Opera News )

Agriculture DA Land Reform South Africa South African

COMMENTS

Load app to read more comments