Today's Labour News

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retirementBL Premium reports that according to a recent survey, the number of people who are forced into taking retirement when they wish to remain working has increased, indicating a worsening situation for SA’s older people.

This is according to the Retirement Reality Report 2023/24, commissioned by financial services firm and pension fund manager 10X. In the sixth and most recent report, more than 14,000 people earning R6,000 or more a month were asked about their retirement savings. The survey also asked 3%, or just more than 420 retirees, how they experienced retirement. It showed that only 60% of people said they chose to retire when they reached mandatory retirement age. In the 2021 survey, 70% of employees said they could retire when they wanted to. The mandatory retirement age differs from company to company, but is usually 60-65, though some firms may permit retirement at 67. The recent results mean that 40% of retired staff surveyed were unlikely to have retired willingly, but were expected to leave as their companies wanted to employ younger and cheaper staff or reduce employee numbers. Companies may also increasingly be asking people to take early retirement, which is usually enacted three years before the company’s mandatory age. People are asked to retire despite few South Africans having enough money to see them through retirement. The survey data shows that nearly 30% of people over 50 have no retirement plans in place.

  • Read the full original of the report in the above regard by Katharine Child at BusinessLive (subscriber access only)

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