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âââ 11:53 Fri, 05 Mar 2021
The debate over proposed amendments to the Pension Fund Act of 1956 is heating up.
This would allow workers who have fallen on financially hard times because of the devastating impact of the COVID-19 pandemic to be able to access a percentage of their Pension Fund money before retirement.
Workersâ retirement savings currently amount to trillions of rand with the Public Investment Corporation managing R2-trillion on behalf of the Government Employees Pension Fund.
Cosatu first proposed the move at the height of massive retrenchments last year, which saw over two million people losing their jobs due to the national lockdown to fight the spread of COVID-19 in the country.