‘While we are continuing the task of growing our economy to create more opportunities for all South Africans and reduce the financial vulnerability affecting many individuals and households, the new retirement system offers protection and dignity to those who need it the most to overcome financial stress,’ said Ramaphosa in a statement on Saturday.
‘The primary objective of the two-pot retirement system is to provide flexibility for fund members to access their retirement savings during emergencies, without necessitating resignation,’ the presidency stated. The implementation of the two-pot system is set for 1 September this year. Under this system, retirement fund contributions will be divided into a savings component and a retirement component.
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