More com­fort­able re­tire­ment

Finweek English Edition - - The main stories this week -

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.”

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