Today's Labour News

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parliamentThe Citizen reports that the two-pot retirement system is one step closer to implementation later this year after the National Council of Provinces (NCOP) passed the Pension Funds Amendment Bill on Thursday, with changes that clear up some discrepancies.

The National Assembly (NA) passed the Bill in March. It aims to amend the Pension Funds Act and, with the Revenue Laws Amendment Bill, will establish the two-pot retirement system that will come into effect on 1 September this year to support long-term retirement savings while also offering some flexibility to help fund members in financial distress. The NA and NCOP amendments to the Bill will ensure that government employees, as well as employees of the Transnet, Post Office and telecommunications pension funds are included in the two-pot retirement system. The amendments also include important corrections to deal with divorce and the separation of assets. After passing the Bill, the NCOP sent it back to the NA for concurrence as changes were made after the NA passed the Bill. When the NA passes the changes, the Bill will go to the President for signature. Pension funds and their administrators have already started to apply for rule amendments with the Financial Sector Conduct Authority (FSCA) and make changes to their systems to implement the two-pot retirement system.

  • Read the full original of the report in the above regard by Ina Opperman at The Citizen
  • See too, Pension Funds Amendment Bill unanimously supported by parties in NCOP, at EWN

Get other news reports at the SA Labour News home page