COSATU hails Treasury and calls for quick implementation of the Two-Pot Retirement system

Johnathan Paoli

Trade union federation COSATU has called for the speedy implementation of the new Two-Pot retirement regime, proposed by the National Treasury which enables workers to have access to their pension funds without first resigning or retiring.

In a submission to Parliament on Tuesday, COSATU’s Parliamentary coordinator and acting spokesperson Matthew Parks said struggling workers are waiting anxiously for this relief.

“We do think that this Two-Pot reform, while it’s not perfect, is a progressive compromise, and it really does achieve many positive things. It prevents workers from needing to resign to access their full pension funds. They can rather have access to a limited portion,” Parks said.

Parks appealed for these new provisions to also extend to retrenched workers, and said Parliament should not delay this matter until the new administration.

“Any reflection of the National Credit Regulator of debt levels, shows you that, there’s no worker in