Minister Nomakhosazana Meth welcomes signing into law of Companies Amendment Act
The Minister of Employment and Labour welcomes the signing into law of the Companies Amendment Act by the President.
According to Minister Meth, this law has a direct linkage to the Employment Equity Amendment Act, 2022, particularly section 27 that refers to the statement of income differentials required from designated employers.
The requirement of disclosure by companies of the average and median total remuneration of all employees, and the remuneration gap between the total remuneration of the top 5% highest paid employees, and the total remuneration of the bottom 5% lowest paid employees of the company will go a long way in exposing existing inequalities in employment. As a result, the work done by the Department of Employment and Labour to transform the labour market will be strengthened as the two pieces of law are complementing each other and will ensure more transparency from the employers.
Through our Departmental inspectorate, we will promote, strengthen and enforce compliance of our labour laws, as we strive for a labour market that is conducive to economic growth, said Meth.
Media enquiries:
Teboho Thejane
Departmental Spokesperson
082 697 0694
Teboho.Thejane@labour.gov.za
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