Impact of Negative Real Salary Increases on Employees in Africa Are your employees in some African countries moaning about salaries? During the annual salary increase cycle, clients often question why inflation is such an important input when determining an equitable salary increase for employees. Inflation plays a crucial role due to its direct impact on

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Equal work for equal pay in the UAE COMMON MISCONCEPTIONS IN THE UAE Equal work for equal pay been law since 25 September 2020 when Federal Law No. 06 of 2020 was issued which mandated equal pay for women in the private sector. Essentially the legislation states, “It shall be prohibited to discriminate against persons

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Payroll Integration using API’s In the past, payroll was considered a “legacy sector” – a sector stubbornly resistant to change and dismissive of any innovation. Concomitantly, payroll was no more than an administrative function using outdated technology, incorporating a raft of manual processes, which in turn made strategic data reporting impossible. How things have changed.

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Health Insurance Solutions in Africa Revolutionizing Health Insurance Solutions in Africa: A Modern Approach In today’s fast-evolving world, underscored by the challenges of climate change and emerging health threats, the necessity for comprehensive health insurance solutions has never been more critical, especially for Employers and non-governmental organizations (NGOs) operating across the diverse and dynamic landscape

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Update: FSCA Regulation 28 An FSCA assessment Exemption of large funds 1. An FSCA assessment: Treating Customers Fairly and regulation 28 principles applicable in contracting services to the fund or its board In December 2023, the Financial Conduct Services Authority (FSCA) sent a communication to the Principal Officers of many retirement funds requesting information relating

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Emerging Markets Payroll (EMP) Axiomatic is excited to announce that we have formed a payroll alliance that extends our coverage of 43 African countries, now includes an additional 37 emerging market countries. Emerging Markets Payroll (EMP) is a payroll alliance of three specialist Regional Payroll Providers that collectively offer comprehensive payroll support for 80 countries

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Africa: 2023 Inflation and Salary Increases Africa Salary Increases Salary increases are inescapably linked to inflation; where inflation is one of the most important determinants when deciding on the amount of the salary increase. Other factors must also be taken into consideration such as financial constraints of the employer, growth rates in the country and

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Africa: January 2024 Employee Tax Changes The fiscal year of several African countries is from January to December. Consequently, a raft of legislation is promulgated at the end of each calendar year which becomes effective on 1 January of the following year, and which affects the tax deducted from employees and/or changes the cost of

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Regulatory update for retirement funds Two-pot system The Revenue Laws Amendment Bill (“RLAB”) (containing the two-pot system changes to the Income Tax Act) went to the Minister of Finance for a response to the Standing Committee on Finance (“SCOF”). The Minister recommended 1 September 2024 as an implementation date and SCOF accepted this date. The

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Update: Two-pot System Are we back to 1 March 2024? What happened at the Standing Committee on Finance (SCOF) on 21 November? It was an interesting day at the Standing Committee on Finance (SCOF) on 21 November, with SCOF not accepting Treasury’s proposal to move the two-pot implementation date from 1 March 2024 to 1

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