Cosatu criticises the extension of the retirement fund reforms - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

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Labour federation, Cosatu, and some South Africans have criticised the extension of the retirement fund reforms. Fund contributors will now have to wait until March 2024 to withdraw a third of their retirement fund contributions.

Image: Twitter: @KatlegoLegodi_. The new guidelines were announced last week.

The reforms propose that workers can withdraw a third of their retirement funds with an upper limit of R25 000 a year. The remainder can only be accessed upon retirement. This scheme will benefit both the private and public sector.“I don’t think they should postpone it because we should be able to get a portion of our money now. At the end of the day, everyone has their own struggles so that we should benefit and the family. So, I think they should not postpone it,” says one worker.

“I think this thing of the government delaying the pension, I think it’s not right because we are coming from the COVID and as we are coming from the COVID, most of the people lost their jobs. When we get a portion of our pension fund it will help us a lot,” says another work.

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Because it has been looted!!!!!!! Expecting contributors to wait on their hard-earned funds is theft & fraud. And what % of the retired were force Jâbbêd? 💉☠️= No 💵💵 to pay out! (Same applies to Pensioners!) CONvenient? ArrestRamaphosa DissolveParliament

It doesn't matter because cosatu shares a bed with anc so whether they complain or not it makes no difference but workers on the ground suffers

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