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Three important things you should know about Budget 2015

by , 25 February 2015
Today new Finance Minister Nhlanhla Nene is presenting his first budget to parliament. The actual context should interest us as several aspects are expected to influence South African payrolls and employees.

Rob Cooper, Director of Legislation at Sage VIP Payroll & HR, explained for bizmag.co.za that during his medium-term budget policy statement, Nene came across as a no-nonsense Finance Minister who won't be afraid to take unpopular decisions.

He explained that he expects Nene's perspectives on the following subjects to become more clear during today's Budget Speech:

 - the national Health Insurance is a topic that needs to be taken care of in the present and no longer be postponed as it has for the last years. Once a final decision is reached, it's highly likely that all employees will need to make mandatory contributions to the scheme.

Funding the scheme through a new tax will affect everyone, from employees and employers to medical insurers and medical providers.

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- a second aspect refers to the retirement reform. On this particular subject, government delayed the implementation last year of "an excellent set of changes to the tax treatment of pension and provident funds that were meant to come into effect on 1 March", Cooper says, explaining how the new system would encourage South Africans to save for retirement.

- thirdly, we need to take a look at the national minimum wage.

"There's enormous momentum growing behind the idea of a national minimum wage in the ANC, with full support from its alliance partners. Minister Nene could provide some insight as to whether companies will need to factor a minimum wage into their payroll budgets in years to come", Cooper explained.

In conclusion, the 2015 budget proposals will affect your business and your activity, no matter what the field is! Keep an eye on procedures today to find out how it will affect you. 

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