The South African Reserve Bank (SARB) in collaboration with National Treasury has published a consultation paper for input on the most appropriate regulatory option in addressing the abuse of payroll.
The consultation paper focuses on addressing issues relating to discretionary or voluntary payroll deductions covering all employees in South Africa from both the public and private sectors.
A voluntary or discretionary payroll deduction is a deduction not authorised by a statute, court order, collective agreement or arbitration award. Examples include housing loans, unsecured loans, pension or provident fund contributions, medical aid premiums, insurance policies, and trade union subscriptions
The consultation paper is attached to this email for members to provide input.
All comments should be forwarded to Tshidim@sacci.org.za before close of business on Thursday, 26 April 2018