Today's Labour News

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cosatuBusinessLive reports that labour federation Cosatu has hailed the Treasury’s decision to delay the implementation of the compulsory annuitisation of two-thirds of provident fund payouts as a "victory for workers".  

Implementation of the measure, which Cosatu has fought against since it was first mooted, has been shifted from 1 March 2018 to 1 March 2019 in order for discussions on the government’s comprehensive social security document to take place within the National Economic Development and Labour Council (Nedlac).  This is the third postponement of the measure, which was originally to have been introduced in 2015.  Treasury’s Chris Axelson said on Tuesday that both labour and business supported a postponement, but he stressed the Treasury "still want to be very strong on this.”  The proposal would require that two-thirds of withdrawals from provident funds on retirement be converted into an annuity with only one-third being capable of being taken as cash.

  • Read this report by Linda Ensor in full at BusinessLive
  • See too, Treasury seeks further delay in provident fund annuitisation change, at Fin24


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