South African lawmakers on Wednesday backed a bill reforming the country’s pension laws to allow members to withdraw as much as a third of their savings before retirement.
“In times of dire financial distress, members of pension or provident funds tend to terminate their employment in order to access their retirement savings,” Deputy Finance Minister David Masondo told lawmakers in Cape Town.The bill, which was supported by all political parties, will now go to Parliament’s second house, the National Council of Provinces, for consideration. If they back it, the bill will proceed to President Cyril Ramaphosa to be signed into law.
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