News Formal

EFF calls for action against those defaulting on pension contribution - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

  • 📰 SABC News Online
  • ⏱ Reading Time:
  • 28 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 51%

EFF News

Ireland Ireland Latest News,Ireland Ireland Headlines

EFF calls for action against companies and municipalities that are defaulting on pension fund.

The party says private security companies are in arrears of R6 billion while municipalities are in arrears of a billion rand.

The two-pot system came into effect at the beginning of this month. It allows workers to cash out a maximum of 10% of their retirement savings annually, up to a maximum of R30 000. “There was not enough public education on the tax implications of the two-pot system. So, workers think they will get a maximum of R30 000 whereas they will be taxed and they will receive about R19 000 if we use the calculator that SARS has put up on its website. And of course, insurance companies as well are making major profits from these withdrawals.

 

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

 /  🏆 32. in İE

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.

WHO calls for patient safety improvements - SABC News - Breaking news, special reports, world, business,WHO calls for patient safety improvements
Source: SABC News Online - 🏆 32. / 51 Read more »