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The Mercury reports that with the new tax year having kicked off this month, retirement fund administrator Alexforbes has already received over 33,000 savings pot withdrawal claims from members.
This followed 260,000 logins on its digital platform since 1 March. Alexforbes said research showed that those who claimed in the previous tax year had a high likelihood of claiming again in the new tax year. "This already appears to be the case, given the significant numbers of claims in just four days. This high level of claims so early in the tax year once again highlights that many South Africans are financially stretched," Alexforbes said. The retirement fund administrator indicated that a previous survey had shown that 80% of claimants used their withdrawals for debt repayment and essential living expenses. However, it added that indications from banks suggested that some individuals were using the withdrawals for consumption. Meanwhile, trade union federation Cosatu last month submitted proposals to the government requesting greater access for workers to their pension funds under the two-pot system
- Read the full original of the report in the above regard at The Mercury
Get other news reports at the SA Labour News home page