Publication
International Restructuring Newswire
Welcome to the Q4 2024 edition of the Norton Rose Fulbright International Restructuring Newswire.
Author:
South Africa | Publication | March 2024
On 5 March 2024 the Minister of Employment and Labour announced an increase in the annual earnings threshold from R241 110,59 to R254 371,67. The increase is in effect from 1 April 2024.
For purposes of determining whether an employee earns in excess of the threshold, ‘earnings’ means an employee’s regular annual remuneration before deductions including, income tax, pension, medical and similar payments, but excluding similar employer contributions, subsistence and transport allowances paid to an employee, achievement awards and overtime payments.
The earnings threshold is significant as it determines the application or otherwise of key provisions of employment legislation including the following:
Given that it determines the application of several employment rights and protections, it is important for employers to be aware of the increase in the earnings threshold.
Publication
Welcome to the Q4 2024 edition of the Norton Rose Fulbright International Restructuring Newswire.
Publication
The European Union’s Foreign Subsidies Regulation (the FSR) aims to combat distortions of competition on the EU internal market caused by “foreign” – meaning non-EU – subsidies.
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On 2024 an independent expert panel (Panel) published its report (Report) setting out detailed proposals for a UK corporate re-domiciliation regime. This follows on from broadly supportive responses to an earlier government consultation on the topic.
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