No more payslips to get store credit

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Johannesburg, 07 March 2015 - Employees' payslips may look a bit different from next months if the proposed reduction in UIF payments is approved.

JOHANNESBURG - Many customers who wish to apply for store credit will no longer have to provide proof of income. 

It follows a new Western Cape High Court ruling.

The Department of Trade and Industry and the National Credit Regulator lost against retailers Foschini, Truworths and Mr Price.

READ: Good news for the retail sector

The retailers argued that the regulation was unreasonable and unfairly discriminates against the poor and less privileged.

They pointed out that many South Africans, like informal traders, do not have bank accounts, or that many who own small businesses do not receive payslips. 

But the National Credit Regulator is considering appealing the judgment, saying the ruling will promote reckless lending and borrowing.