group life cover
With the added advantage of being subject to group underwriting as opposed to personal underwriting, group life cover is generally more cost-effective than if you were to take out cover in your personal capacity. Group life and disability cover is
Your severance package is separate from your retrenchment benefit (retirement fund benefits) and includes the one week’s pay for every year worked and all other monies owing by your employer as a consequence of your employment. From a tax perspective,
For freelance workers who have multiple jobs or contracts in place, managing the various income streams can be complex especially where payment is erratic, or where companies make short or late payments. Freelance workers may find themselves overloaded with admin
Once you and employer have come to agreement on your severance benefit, keep in mind that the Income Tax Act allows more favourable tax treatment of these benefits. The first R500 000 of your severance pay, being a combination of
A ‘severance benefit’ is essentially the cash payment that your employer pays you as a result of your loss of employment. Our law provides that you are entitled to at least one week’s pay for each year of completed service,
