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Thread: Proposed new Assessment Model: Compensation Fund

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    Proposed new Assessment Model: Compensation Fund

    The Minister of Labour has published for comment a new Assessment Model for the Compensation Fund in GG 41977 dated 16 October.

    The proposals are to regroup the current 102 subclasses into 5 and add a new one for households. Amongst the reasons stated are " to reduce disputes and audit referrals and also to simplify the process of dealing with the fund".

    Depending on your current classification, this may either be a blessing or a curse...The new groupings are of particular interest and one that caught the eye is that Banking, Finance and Insurance would fall under Class 4 with their current contribution rate of R 0.11 being increased to R 0.28. Amongst the "winners" in this class would be Local Authorities and Divisional Councils who would see their contribution rate decreased from R 0.80 to the proposed R 0.28. In the same class we also find Parks and Nature Reserves who's rate would decrease from R 1.19 to R 0.28.

    If accepted, the new groupings and rates would be phased in over a three year period.

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    There is a part of me that suspects that this move is to try to have lower risk occupations subsidising the higher-risk ones.

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