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BusinessLive reports that existing pension and provident funds could lose significant business if the government goes ahead with proposals to introduce a compulsory social security system that would provide some level of retirement, death and disability benefits for all.
The proposals, which date back to 2012, were tabled at Nedlac on Friday in their original, unrevised form, in line with a Cabinet decision earlier this year, even though the social development department had drafted an updated version last year. The proposals would see the creation of a National Social Security Fund (NSSF) which would provide universal retirement or life insurance cover. The creation of such a fund would have far-reaching implications for existing occupational and voluntary retirement funds, especially those catering for low-income workers, with the proposal indicating they will suffer a "significant loss of business".
- Read this report by Linda Ensor in full at BusinessLive
Get other news reports at the SA Labour News home page