Deputy Finance Minister David Masondo has raised concerns over the country’s retirement landscape with millions of South Africans outside the retirement system due to the high unemployment.
The Deputy Minister calls for transformation, focusing much of his address mainly on the upcoming two-pot retirement system. Masondo says it has even been more concerning to see some members of pension or provident funds terminate their employment to access those retirement savings due to financial distress.
There’ve been concerns about the lack of information with funders urged to be transparent and help prepare workers for what lies ahead.
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