• News
  • Sport
  • TV
  • Radio
  • Education
  • TV Licences
  • Contact Us
  • SOUTH AFRICA
  • POLITICS
  • BUSINESS
  • SPORT
  • AFRICA
  • WORLD
  • FEATURES
  • OPINION
No Result
View All Result
1
Home South Africa

Debate over proposed amendments to Pension Fund Act heating up

4 March 2021, 7:44 PM  |
Mbongeni Muthwa Mbongeni Muthwa |  @SABCNews
Workers' retirement savings currently amount to trillions of rand

Workers' retirement savings currently amount to trillions of rand

Image: Slab studio Interior

Workers' retirement savings currently amount to trillions of rand

The debate over proposed amendments to the Pension Fund Act of 1956 is heating up. This would allow workers who have fallen on financially hard times because of the devastating impact of the COVID-19 pandemic to be able to access a percentage of their Pension Fund money before retirement.

Workers’ retirement savings currently amount to trillions of rand with the Public Investment Corporation managing R2-trillion on behalf of the Government Employees Pension Fund.

Cosatu first proposed the move at the height of massive retrenchments last year, which saw over two million people losing their jobs due to the national lockdown to fight the spread of COVID-19 in the country.

The Democratic Alliance followed suit and tabled a Private Members Amendment Bill of the Pension Fund Act in parliament in November last year.

DA Spokesperson on Finance matters Geordin Hill-Lewis says, “The country is no longer under hard lockdown. The economy is largely back on track and job creation is picking up again. But Cosatu says the need to allow workers’ access to their Pension Fund money still remains.”

Cosatu’s Parliamentary Liason Officer, Mathews Parks, says there were expectations from the Minister’s Budget Speech.

“There was great expectation that Finance Minister Tito Mboweni would touch on the sensitive issue during his Budget Speech last week. But he did not. Nevertheless, Cosatu is optimistic that the matter will be finalised soon and hard-pressed workers will be able to begin tapping into their retirement savings before the end of the year.”

Cosatu pushes for changes to the Pension Fund law: Matthew Parks

Share article
Tags: CosatuCOVID-19
Previous Post

Veteran journalist Karima Brown laid to rest

Next Post

COVID-19 cases in Africa nearing 4 million mark with over 104 000 deaths

Related Posts

SABC building in Auckland Park.

SABC confident amidst financial loss

30 September 2023, 12:16 AM
Mandla Mandela.

Mandla Mandela urges respect for Zoleka’s peaceful rest

30 September 2023, 12:07 AM
[FILE IMAGE] Former SAA Board Chairperson Dudu Myeni.

Dudu Myeni gets R10 000 bail

29 September 2023, 9:00 PM
Penguins at Antarctica

SA learners invited to join Matrics in Antarctica initiative

29 September 2023, 8:20 PM
[FILE IMAGE] Doctor's room.

Sekhing community gets healthcare centre

29 September 2023, 8:00 PM
[File image] Locals walk past electricity pylons in South Africa.

SA moving towards decarbonisation: Creecy

29 September 2023, 8:00 PM
Next Post
Dr John Nkangasong

COVID-19 cases in Africa nearing 4 million mark with over 104 000 deaths

Most Viewed

  • 24hrs
  • Week
  • Month
  • Six beaches in Durban flagged with high levels of E.coli
  • Visitors planning to visit the Overberg region urged to postpone their trips
  • Western Cape on high alert following severe storm warning
  • Steam trains revived in the Western Cape amid Heritage Day celebrations
  • A level two weather warning issued for southern KZN
  • High waves and rough water conditions force beach closures in the Western Cape
  • Prince Mangosuthu Buthelezi to rest in the town he built and nurtured
  • NSPCA files criminal case against Julius Malema for alleged animal cruelty
  • Snow, heavy rainfall expected in parts of KZN: SAWS
  • Cold-front sweeps across SA bringing snow and chilly temperatures
  • Zoleka Mandela to be buried at the Fourways Memorial Park
  • Mandla Mandela urges respect for Zoleka’s peaceful rest
  • Police investigate fatal shooting on R40 in Hazyview
  • Dudu Myeni appears in Richards Bay court on fraud, corruption charges
  • Officials on the run as corruption allegations rock Sekhukhune District Municipality

LATEST

SABC building in Auckland Park.
  • Business

SABC confident amidst financial loss


Mandla Mandela.
  • South Africa

Mandla Mandela urges respect for Zoleka’s peaceful rest


[File Image] Aziz Pahad addressing an event.
  • Politics

Pahad hailed as a fine diplomat


[FILE IMAGE] Former SAA Board Chairperson Dudu Myeni.
  • Business

Dudu Myeni gets R10 000 bail


Penguins at Antarctica
  • South Africa

SA learners invited to join Matrics in Antarctica initiative


[FILE IMAGE] Doctor's room.
  • South Africa

Sekhing community gets healthcare centre


Weather

  • About the SABC
  • Contact Us
  • Jobs
  • Advertise
  • Disclaimer
  • Site Map

SABC © 2023

No Result
View All Result
  • SOUTH AFRICA
  • POLITICS
  • BUSINESS
  • SPORT
  • AFRICA
  • WORLD
  • FEATURES
  • OPINION

© 2023

Previous Veteran journalist Karima Brown laid to rest
Next Dr John Nkangasong COVID-19 cases in Africa nearing 4 million mark with over 104 000 deaths