SA budget brings good news - Feb/Mar 2012

The new South African Budget for 2012 and 2012 has some good news for workers - read about in Mywage South Africa.

South African Finance Minister Pravin Gordhan has introduced a number of new measures in the budget for 2012. Amongst them are:

  • The Labour Department will establish provident funds for domestic and farm workers by March next year. It will also look at a medical aid scheme for the private security sector.
  • The number of South Africans receiving social grants will swell to 16.7 million over the next three years, according to the 2012/2013 budget. Accordingly, spending on social grants will grow from R105 billion in 2012/13 to R122 billion in 2014/15.
  • Tax relief for housing developers and employers who provide housing below R300 000 a unit will provide the building industry with the opportunity for growth, including providing more jobs.
  • Micro businesses with a turnover of less than R1 million will struggle with far less red tape, by being able to pay turnover tax, VAT and employees' tax twice a year - instead of submitting returns 18 times a year.
  • 43 major infrastructure projects amounting to spending of R3.2 trillion are in the pipeline, including R300 billion in the energy sector and R262 billion in the transport and logistics sector which have already been approved.

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