Where the employer claimed the ETI for the first 24 months in respect of the above mentioned qualifying employee or the employer employs a qualifying employee between 30 and 65 years of age, the amount of the ETI will be calculated as follows:.The amount that can be claimed per “qualifying employee” is set out in the accompanying tables:.The incentive has been increased from up to R500 to up to R750 per “qualifying employee” per month for the period 1 April 2020 to 31 July 2020.The gross up of remuneration for purposes of compliance with the wage regulating measure is also not required where the employee is employed and paid remuneration for less than 160 hours per month.where the wage regulating measure does not apply.where section 3 of the National Minimum Wage Act does not apply, or.may be exempt from the national minimum wage, or.
The relaxation of this requirement will allow not only employees between 30 and 65 years of age but also employees who were employed prior to 1 October 2013 to qualify for the ETI. The definition of a “qualifying employee” has been temporarily amended.Save as otherwise indicated, the amendments are deemed to have come into operation on 1 April 2020 and will apply to any remuneration paid on or before 31 July 2020. The Disaster Management Tax Relief Administration Bill makes provision for the extension of ETI benefits. This provides an immediate cash benefit to the employer. Employers are incentivized to employ young persons (between 18-29 years of age) employed on or after 1 October 2013 in terms of a cost-sharing arrangement with the government, by allowing the employer to reduce the amount of PAYE it is required to pay to SARS by the amount of the ETI. The ETI is an incentive aimed at reducing youth unemployment by encouraging employers to hire young work seekers. The repo rate was reduced by a further 50 basis points from to 3.75% and by 25 basis points on 24 July 2020 to 3.50%. The repo rate was reduced by a further 100 basis points to 4.25% from 15 April 2020. From 20 March, the Reserve Bank cut the repo rate by 100 basis points from 6.25% to 5.25%.This facility will offer working capital, stock, bridging finance, order finance and equipment finance and the amount required will be based on the funding needs of the business. The Business Growth or Resilience Facility seeks to enable continued participation by SMEs in supply value-chains, in particular those who manufacture (locally) or supply various products that are in demand due to current shortages arising from COVID-19.
#South africa lockdown registration#
The Ministry has set up a centralized registration system (where all those in need of financial aid will register and be screened. For SMEs to be eligible for assistance under the Debt Relief Fund, the applicant must demonstrate a direct link between the impact or potential impact of COVID-19 on the business operations. The Debt Relief Fund aims to provide relief on existing debts and repayments, to assist SMEs during the COVID-19 outbreak. On 18 March, the government announced works on a package to support Small and Medium Enterprises (SMEs).The following Economic stimulus measures have been put in place in response to the COVID-19 pandemic:
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