This news aggregator site highlights South African labour news from a wide range of internet and print sources. Each posting has a synopsis of the source article, together with a link or reference to the original. Postings cover the range of labour related matters from industrial relations to generalist human resources.
Moneyweb reports that the two-pot withdrawal frenzy continues ahead of the festive season.
The SA Revenue Service (SARS) confirmed on Tuesday that just over R35 billion has been taken out from savings pots since the beginning of September. SARS originally estimated the withdrawals at R49.5 billion, but later issued a statement providing a new figure as of 18 November 2024. “Since its inception, SARS has observed an unprecedented and steady increase in tax directive applications, likely reflecting the economic challenges faced by households,” it said. Seemingly, Absa’s forecast of up to R78 billion in two-pot “savings pot” withdrawals in the first year is likely to happen. Other banks have been more conservative, expecting between R30 billion and R40 billion in withdrawals.
- Read the full original of the report in the above regard by Suren Naidoo & Liesl Peyper at Moneyweb
- Read too, Two-pot payouts: A third of pension fund members have now applied, at Fin24
Get other news reports at the SA Labour News home page