Finance committee to consider DA-proposed pension fund bill

  • 📰 BDliveSA
  • ⏱ Reading Time:
  • 50 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 23%
  • Publisher: 63%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

But the Treasury is adamant that a pension fund reform bill will be released for public comment later in 2021

The Treasury’s undertaking that a pension fund reform bill would be released for public comment later in 2021 did little on Tuesday to stop parliament’s finance committee from proceeding with a DA-proposed bill.Chair Joe Maswanganyi stressed at a committee meeting that the committee had to strictly stick to the legislative procedure in processing a bill proposed by DA MP Dion George, to avoid a possible legal challenge. The parliamentary process could not be stifled, he said.

George agreed to amend his bill to reduce the permissible maximum amount of a loan guaranteed by the member’s pension fund assets from 75% to 30% of the assets as proposed by Cosatu. Another amendment proposed by George was that only one loan per member would be allowed. He dismissed objections to his bill, saying not everyone would take out a loan and not everyone who took out a loan would default on repayment causing a collapse of the retirement industry.

Treasury deputy director-general Ismail Momoniat expressed strong opposition to George’s “seriously flawed” bill, which he said failed to consider the tax implications, lacked technical detail and failed to take into account that the fundamental objective of retirement funds was to get people to save for their retirement.

Momoniat said the Treasury was “pretty confident” that its bill on pension fund reform could be released for comment at the same time as the medium-term budget policy statement later in 2021.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in İE
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Eish

I wish I contacted earlier Linda_Stouffe this year I'm sharing this to encourage every beginner and Bitcoin lover to get in touch with her she is very legit and God fearing person Linda_Stouffe

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Finance committee to consider DA-proposed pension fund billBut the Treasury is adamant that a pension fund reform bill will be released for public comment later in 2021
Source: BDliveSA - 🏆 12. / 63 Read more »