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Cosatu has submitted proposals to the government in which they request that workers should have greater access to their pension funds.
Cosatu advocates for increased access to pension funds under the two-pot retirement system, aiming to help workers manage their debts more effectively
Sars reveals that over two million taxpayers have accessed their savings pot, with R 43. 42 billion paid out to date.
Kick-starting the year with a strong financial future in mind.
The South African retirement system has undergone a significant overhaul, with the introduction of the two-pot retirement system.
The high interest in withdrawal claims from the two-pot retirement system has exposed the failure of employers to pay pension contributions.
Track the status of your two-pot retirement system application with ease through WhatsApp or the Sars USSD service.
South Africans who retire overestimate their savings while underestimating their costs, resulting in major financial challenges throughout their golden years.
The SARS yesterday updated the total figures for tax directives received concerning withdrawals from the Savings Withdrawal Benefit under the Two-Pot system.
The Two-Pot Retirement System has been overwhelmingly welcomed by many South Africans who find themselves grappling with the rising cost of living and limited access to affordable credit, writes Zamani Letjane.
It say there has been over 2 million applications received and R49. 58 billion in directives issued, highlighting the challenges faced by taxpayers.
Emfuleni Local Municipality workers have escalated their grievances to the Pension Fund Adjudicator after experiencing a lack of communication regarding their two-pot applications, raising concerns about the management of the Municipal Workers Retirement Fund
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Cash-strapped South Africans have been able to withdraw more than R21 billion from the two-pot retirement system, and it looks like R40 billion could be added to the fiscus.
Fund members need to remember that the money that they withdraw from the two-pot retirement system will be taxed.
Since the implementation of the two-pot retirement system, middle-income earners have made the most claims.
The OPFA has declared the PSSPF as the most problematic pension fund in South Africa, with thousands of security guards facing uncertainty over their retirement benefits
Thousands of employers exposed for non-compliance, ‘stealing from the poor’ in unpaid pension fund contributions
From paying for education fees to settling debts, this is how people are using their two-pot retirement system money on.
Cosatu has campaigned for comprehensive reforms of our pension laws to ensure the needs of workers are placed first and their savings are protected from abuse.
There is a golden window for SA expats to withdraw from the two-pot retirement system therefore they should seek help from an expert.
In order to make informed decisions about the two-pot retirement system, South Africans need to know the difference between fact and fiction.
Withdrawing from the two-pot retirement system could have an impact on your tax bracket.
‘The pertinent question is: How is it the two-pot system beneficial to the workers? It’s not beneficial at all. ’
Since September 1, 2024, the Government Employees Pension Fund has received a little under 63,000 two-pot retirement system applications.