More comfortable retirement
WHAT HAPPENED HAVING HAD THEIR say about the previous week’s Budget, the newspapers shifted their focus to the planned national pension scheme that Trevor Manuel referred to in his Budget speech. Though it will be several years before it’s implemented – because of its size – there are rumours of a compulsory monthly contribution of up to 15% of their salary by every working person.
WHAT OTHERS SAID THE SUNDAY INDEPENDENT said SA has a tragic history as far as provision for retirement is concerned and that a properly administered programme would help the poor, with positive consequences for the country in the long term. Rapport says: “The State will have to do a lot in the next few years to create the confidence that it can administer such a huge pension fund.”