• IS provokes sea-change

    It has been a grave mistake to defy both Russia and France, says Leopold Scholtz.

  • Nene's SAA nemesis

    No political figure seems to have the guts to speak out against Dudu Myeni, says Solly Moeng.

  • The mp3 revolution

    Ian Mann takes a look at the war between digital music and the compact disc.

All data is delayed
See More

Compensation fund reports R3bn surplus

Jul 05 2011 20:34
Johannesburg - The labour department's compensation fund has reported a surplus of R3.2 billion in the past financial year, fund commissioner Shadrack Mkhonto said on Tuesday

"This is as a result of the increase in the number of companies that are registered with the fund. The number of these companies is currently standing at 420 000," Mkhonto said in a statement.

The fund raised R5.2bn in assessment revenue compared to R4.8bn in the previous financial year, an increase of eight percent.

The accumulated financial standing of the fund was R26.5bn, said Mkhonto.

Five percent of this would go towards investment in job creation projects.

"The compensation fund is the biggest medical aid in the country covering more than 11 million members, most of whom are workers and employers," he said.

The fund, which is financed by levies paid by employers, compensates workers who are injured or suffer from diseases contracted during their employment. It also covers death resulting from such injuries or diseases.

The fund became embroiled in controversy last year when a presentation to Parliament's portfolio committee on labour revealed a R1bn decrease in compensation paid out to injured workers in the 2009/10 financial year.
labour department  |  compensation fund



Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Company Snapshot

We're talking about:


Marketing is a big concern in SA's small business community, followed by a lack of confidence and partnering with the wrong people, according to a survey.

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

The 25 basis points interest rate increase is:

Previous results · Suggest a vote