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South African Social Security and Retirement Reform: A long journey towards the redrafting of the new Pension Funds Act
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South African Social Security and Retirement Reform: A long journey towards the redrafting of the new Pension Funds Act
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Journal Article
South African Social Security and Retirement Reform: A long journey towards the redrafting of the new Pension Funds Act
2010
Overview
This article discusses the South African Social Security and Retirement Reform that will be the guidelines towards the promulgation of the new Pension Funds Act. The proposals were supposed to be implemented in 2010 and this is no longer possible as the third discussion paper has not yet been issued. There are seven proposals that have been suggested, which among others include a wage subsidy, state old-age grant for all, mandatory contributions to the National Social Security Provident Fund, mandatory participation in private occupational or individual retirement funds, voluntary additional contributions to occupational or individual retirement funds, reform of the governance and regulation of the retirement funding industry and reform of the taxation system. This article will further analyse the lessons that can be learned from Chile, Sweden, Nigeria reforms and other reforms around the world. [PUBLICATION ABSTRACT]
Publisher
Palgrave Macmillan
