South African Unemployment Insurance For All |
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February 21 - The latest South African budget by Finance Minister Trevor Manuel included plans for a new social security tax (paging FDR, paging FDR) that would one day potentially provide unemployment insurance for all. The social security scheme is part of Manuel's brave economic vision for South Africa. While the majority of ANC politicians have disappointed with their lack of integrity, intelligence, and general ability to govern, Trevor Manuel has consistently risen above the rest. His economic policies have worked exceptionally well under arduous circumstances, and this latest budget will win lavish praise. There were modest tax breaks for the low-wage earners and tax relief for retirement funds. Corporate tax rates were not altered, but the big news from an insurance perspective is the planned implementation of a social security tax. Social security would provide all workers in South Africa with disability benefits, a pension, and long-term insurance in the form of death benefits as well. Everyone who is employed would make mandatory contributions to the fund, with tax breaks for those who earn the least. The danger in South Africa is that someone in power will empty the fund and use it to buy herself several jets while plumping up a Swiss bank account or two, but kudos to Manuel for trying to make things better. In the mean time there is no substitute for taking out your own long-term insurance policies. Related Insurance Articles: * Dial Direct Offers Six Month Premium Waiver Cover * Liberty Group Reports Good Results, Shares Rise * Santam Wins Industry Award For Low Cost Insurance * When Car And Home Insurance Policies Do Not Pay Out * How To Ensure Your South African Car Insurance Pays Out * A South African Insurance Guide Check List * Used Car Insurance Questions And Answers * How Crime In South Africa Impacts Your Insurance 
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| 3/14/2010 7:06:36 AM | |||||||||||||||||||||
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