Finance Minister Enoch Godongwana has proposed the introduction of a two-pot system that would ensure that workers withdraw and preserve their retirement funds at the same time. Financial Advisors have given this a thumbs up and say that this would help encourage the preservation of retirement. But they have urged workers who want to access part of their retirement savings to use the money responsibly and for the right reasons.
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The 2021 Medium Term Budget Policy Statement (MTBPS) was recently tabled in Parliament. The MTBPS is a mid-term fiscal policy statement that outlines the government’s budget plans for the next three years.
One of the most noteworthy aspects of the 2021 MTBPS was the announcement that a portion of the pension fund withdrawal could be given a thumbs up. This means that people who have reached retirement age can withdraw up to a third of their pension fund in a lump sum.
The idea behind this measure is to give retirees more financial flexibility. This allows them to use the money for whatever purpose they deem fit, such as for medical expenses or to start a business.
The government has also stated that the pension fund withdrawal will be tax free. This means that retirees will not be subject to any tax on the money they withdraw.
In addition, the government has also proposed a number of other measures to help retirees. These include increasing the tax-free threshold for pensioners and introducing a new tax credit for those who are over the age of 65.
Overall, the 2021 MTBPS has been well received by many. The decision to allow a portion of the pension fund withdrawal to be given a thumbs up is seen as a positive step in helping retirees to have more financial flexibility. It is also seen as a way to help those who are struggling financially due to the current economic climate.
Why is it taking so long for workers to acess pension funds 2022
They basically want to think for us. you are too stupid to manage your own money, so we make rules to ensure you save it our way.
And so the theft begins again. I have withdrawn all my pension fund amounts and halted all contributions. STOP THE THEFT.
Pension fund seems like a scam to me….
The corruption never ends and it's all thanks to the ANC…
Your guest fails to tell the public that their funds have been performing dismally for ever.
People always lose!