Trusts can be created through different means and for different purposes although this article will primarily focus on Trusts created by means of a Will. This is called a Testamentary Trust.
Exciting news!
South Africa's new paternity leave benefits came into effect, 1 November 2019. This effectively means that employees that are parents in the scenarios listed below can either have access to ten days of parental leave when a child is born, adopted or where commissioning parental arrangements apply, or up to ten weeks leave.
The common question around this is what are the benefits?
Parental leave for fathers: Employers must provide 10 successive unpaid leave days to new fathers.
Parental adoption leave: 10 consecutive weeks or 10 consecutive days: couples must decide who will take parental leave and who will take adoption leave/commissioning parental leave. A child must be 2 years old or younger for adoptive parents to qualify for parental adoption leave and it is only applicable to one parent.
Commissioning parental leave (surrogate mothers): 10 consecutive weeks or 10 consecutive days, and couples must decide who will take parental leave and who will take adoption leave/commissioning parental leave.
A note on maternity leave: A mother who loses her child in the third trimester, or whose baby is stillborn, remains eligible for 4 consecutive months maternity leave.
Paternity leave and UIF: funded via UIF applications and be paid to qualifying beneficiaries at a rate of 66% of their earnings, subject to the maximum earnings threshold. UIF forms to apply for the leave are still unavailable, but parents must keep a look out for them.
Companies will also need time to update HR policies accordingly.
Trusts can be created through different means and for different purposes although this article will primarily focus on Trusts created by means of a Will. This is called a Testamentary Trust.
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