Noluthando Ngeno1 June 2024 | 15:57
Ramaphosa signs two-pot retirement system into law
Ramaphosa said the Revenue Laws Amendment Bill of 2023 offered protection and dignity to those who need it to overcome financial distress.
Picture: Franz W/Pixabay
JOHANNESBURG - President Cyril Ramaphosa has signed the Revenue Laws Amendment Bill of 2023 into law.
The amendment introduces a two-pot retirement system, which will allow workers in both the private and public sectors to access limited portions of their pensions without having to resign from their jobs.
It will also allow fund members access to a portion of their savings during emergencies, such as those seen during the COVID-19 pandemic.
Ramaphosa said the bill offered protection and dignity to those who need it to overcome financial distress.