
LRA Amendment Bill caps dismissal remedies for high-income earners
The proposed changes limit employees earning over R1.8m a year to compensation – capped at their annual salary – for unfair dismissal claims.
The proposed changes limit employees earning over R1.8m a year to compensation – capped at their annual salary – for unfair dismissal claims.
Synchronising employment agreements with the rules of occupational retirement funds promotes legal certainty, secures employee benefits, and smooths succession planning.
Financial institutions that proactively embed governance, technology, and culture to meet evolving regulatory standards will not only avoid penalties but also strengthen credibility, build resilience, and drive long term value.
Clients with UBOs in sanctioned areas face enhanced risk, potentially triggering relationship termination and strict regulatory measures.
The Guidance Note reflects significant amendments relating to an accountable institution’s RMCP.
A recent amendment means members of private or public companies who fail to prevent their ‘associates’ from participating in corruption will face liability.
All stakeholders emphasise the need to finalise the amendments to the Income Tax Act and the Pension Funds Act.
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