National Minimum Wage (NMW) Adjustment: comments invited

National Minimum Wage (NMW) Adjustment: comments invited

• 04 September 2024
• Regulatory Compliance and Legislation
• South African Accounting Academy

These recommendations will be considered by the Commission before it publishes its annual report and recommendations on the annual review of the national minimum wage later in the year.

In this year’s invitation for comments, the Commission has included a questionnaire that affected parties must complete and which must accompany their written representations.

Affected employers are urged to submit comments to the Commission itself, by 30 September 2024, to [email protected]

Click here to access the Media Statement:

https://www.gov.za/news/media-statements/employment-and-labour-invites-inputs-2025-national-minimum-wage-determination

Relevance to Auditors, Independent Reviewers & Accountants:

• The National Minimum Wage Act is yet another piece of legislation that your clients must comply with, and which you must assess compliance with.  If they don’t comply with the relevant laws and regulations, you have certain reporting obligations in terms of NOCLAR (NOn-Compliance with Laws And Regulations) – this could include reporting to management, qualifying your audit opinion, reporting a Reportable Irregularity, etc.
• As an auditor, accountant and tax practitioner, you may need to advise your clients on National Minimum Wage, and you should therefor be aware of al relevant updates published by the Department of Education and Labour.

Relevance to Your Clients:

• An entity (company or close corporation) and individual employers have a duty to comply with the Companies Act.
• It is illegal and unfair labour practice for an employer to unilaterally change working hours or other employment conditions in order to implement the NMW.

0 COMMENTS

LEAVE A COMMENT