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As a central knowledge portal to the retirement and related industries, EBnet publishes a range of daily articles submitted by a range of industry organisations, experts and contributors. Readers can also comment on and contribute to articles.

Many small and medium-sized enterprises (SMEs) breathed a brief sigh of relief in April, when President Cyril Ramaphosa announced a R200 billion Government COVID-19 loan guarantee scheme intended to support businesses with an annual turnover of less than R300 million, as part of efforts intended to help keep the economy afloat.

Growing evidence, however, suggests this relief was short-lived, as many businesses in need were turned away or granted loans on onerous unworkable terms. The Supplementary Budget announcement indicated revisions would be made to make the relief more accessible, but the...

A subject of furious debate during the lockdown is the ban on tobacco products. In a webinar held by PSG today, Jacques Pauw, author of the gripping The President’s Keepers, told viewers the lockdown is only part of the reason the illegal cigarette trade in South Africa is thriving. This is the first webinar in PSG’s Think Big webinar series, and was hosted by Ronald King, PSG’s Head of Public Policy and Regulatory Affairs.

“The story heats up in 1997, when government increased the tax on cigarettes from 20% of the sale price to 50%,” Pauw told viewers. “This suddenly made it very expensive to...

It has never been more important to think about the future with empathy. Change has become mandatory, as have digitisation and transformation. Humanity is having to relearn itself. The new normal doesn’t exist – it is the normal for the world, right now. According to Michael Sassoon, Group CEO at Sasfin, the future of work, the future of banking and the future of financial services rest on a mercurial foundation of volatility and complexity that needs to be stabilised by recognising opportunity and the value of humanity.  

“The virus is having a huge economic impact on South Africa and the worl...

Honest, empathetic and transparent communication is the key to building loyalty and maintaining company culture when everyone is working remotely. We asked four employees from different industries to rate their employers’ communication during lockdown.

According to Harvard Business Review, during a crisis, managers need to communicate early and often – even if business owners are still trying to understand the full extent of the problem. But has this been the case during the Covid-19 pandemic?


Creating a culture of trust


Sibu* works in the marketing department of a property development firm bas...

Momentum economist and head of financial advice weigh up the holes in the budget, look at the challenges ahead and share insight on how to address these with professional consulting

Key take-outs

  • Debt was the word in Wednesday’s emergency budget

  • Government spend on debt almost in line with what it spends on health

  • Lack of detail on funding debt repayment, public sector wage bill, flailing SOEs and zero budgeting “silver bullet”

  • Back to basics critical in terms of recalibrating financial plans

  • Refrain from being “bullied” in product selling where one benefit is replaced wi...

June 30, 2020

On 26 June 2020, the Financial Sector Conduct Authority (FSCA) published final amendments to the General and Short-term deposit Codes of Conduct as well as Fit and Proper requirements under the FAIS Act.

The amendments are necessary to contribute to the fulfilment of the FSCA’s legislated objectives and are ultimately intended to promote the fair treatment and protection of financial customers.

Some of the amendments emanated from policy processes that started as far back as 2014, such as the Retail Distribution Review. The introduction of the Insurance Act also resulted in various references to...

In 2020 new vocabulary has seeped into global consciousness. From ‘new normal’ to the more practical yet equally disliked ‘social distancing’, the additions to this year’s dictionary paint a bleak, dystopian picture.

But in the last few weeks, fresh terms are being met with interest from wanderlust-stricken travelers and cautious optimism from governments and businesses hoping to rebound from the economic damage of COVID-19.

‘Travel bubbles’, ‘travel corridors’ and ‘air bridges’ are terms to describe formal agreements between governments allowing travelers to bypass strict quarantine measures ba...

COVID-19 SERIES 4 – 2020/21 supplementary budget

Boosting economic growth is the only option left but will the politics get out of the way?   

Highlights

  • National Treasury forecasts economic growth of -7.2% (in line with SARB’s -7.1%) and slightly worse than our April forecast of -6.1%.

  • The contraction in growth leaves a tax shortfall of R304bn (inclusive of R26bn) tax relief compared to the February budget.

  • New revenue measures are at the margin and only come in 2021/22 and 2022/23 at R5bn and R10bn respectively.

  • Expenditure rises by R145bn (inclusive of Land Bank recapit...

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