Government’s long-term support of collective bargaining and multi-year wage agreements is under question as the full impact of global pandemic on the domestic economy becomes clear. The first tremors of unease were felt when the minister of finance announced cuts to the private sector wage bill during his February 2020 budget address. He said that the three-year deal concluded with public sector workers in 2018 could not be met and proposed restricting total cost increases for the sector to just 1.8% for 2020/21. Public-sector unions were having none of it. They rejected government’s revised wage offer out of hand and headed to the Labour Court for redress.
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Looking at the financial services industry, and how organisations can remain resilient, a report from the Deloitte Center for Financial Services titled ‘2021 Insurance Outlook… Accelerating recovery from the pandemic while pivoting to thrive’, explored key issues that could have a significant impact on the market and your business in 2021, with 200 industry leaders weighing in on their companies’ COVID-19 recovery efforts.
Read moreCompliance professionals working at / for insurers and financial advice practices have their hands full keeping up to date with the changes introduced under South Africa’s twin peaks regulatory framework. They have to monitor both the Financial Sector Conduct Authority (FSCA) and Prudential Authority (PA) for the publication of amendments, regulations and standards that will have an impact on the financial services providers (FSPs) they serve. They must also ensure that their FSPs are aware of the commencement dates for amendments to existing regulations. These dates are usually set out in a schedule accompanying amendments or new regulations, though it is common to allow the responsible minister to determine the date at a later stage.
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The medical scheme environment is under pressure. Aside from downgrading, customers are complaining about their medical scheme cover, what is covered, what is not, the fees and out of pocket costs.
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