NEWS JUST IN from the South African Reserve Bank, Pay Solutions bring you ‘breaking news’ as it comes in to ensure that their clients are informed ahead of time. Please note changes with immediate effect
South African Reserve Bank
The South African Reserve Bank expectantly increased the repo rate by 25 basis points. The repo rate is 6.25 percent, effective November 2015. Therefore for employers that offer Low Interest or Interest Free Loans will have to make the necessary adjustment to the Fringe Benefit value of the Loan to 7.25%. This new rate is effective from 1 Dec.
DECEMBER DEADLINES FOR BDB (EFT)
As we all know, December is no ordinary month when it comes to salary and bonus payments, and as such many employers pay early just to make absolutely sure that their employees get paid in time for the holiday break. Others don’t, and leave their payments right up to the last minute which leaves very little leeway should something go wrong at the clearing house or with a particular bank. So, if you make use of any of BDB payments solutions, please be reminded of (and stick to!) the relevant dates and cut-off times to ensure that your payments are processed on time.
All payments for December must be submitted before 10h00, two business days before the payment date.
Payments for the 24th and 31st of December must be submitted three business days before the payment date. No payments can be actioned on Public Holidays or weekends.
Proof of payment must be sent to firstname.lastname@example.org to ensure timeous processing.
We thank you for understanding and trust that our clients will adhere to these cut-off times.