Today's Labour News

newsThis news aggregator site highlights South African labour news from a wide range of internet and print sources. Each posting has a synopsis of the source article, together with a link or reference to the original. Postings cover the range of labour related matters from industrial relations to generalist human resources.

southafricalogoFin24 reports that President Jacob Zuma has signed the Revenue Laws Amendment Act into law to postpone annuitisation for provident funds, the National Treasury indicated on Tuesday.  

The new act affects provident fund members only, by delaying until March 1 2018 both the requirement for them to purchase an annuity at retirement and the ability to transfer accumulated retirement savings between all retirement funds tax-free.  All other aspects of the retirement reform amendments that were contained in the Taxation Laws Amendment Acts proceeded as scheduled on March 1 2016, Treasury advised.  Zuma was forced to backpedal on provisions in the Tax Amendment Act that would have compelled South Africans to put two-thirds of their provident fund savings into a retirement annuity.  This followed a threat from labour federation Cosatu to withdraw its support of the African National Congress ahead of the local government elections this year.

  • Read this report by Matthew le Cordeur in full at Fin24

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