By Alicia Mmashakana
THE Congress of South African Trade Unions (Cosatu) said it is pleased with the progress made in preparing for the implementation of the two-pot pension reforms starting from 1 September 2024.
Cosatu first proposed the two-pot system in 2020, during the COVID-19 pandemic, after workers were left high and dry when payments from the Temporary Employee Relief Scheme were not received.
Then the Revenue Laws Amendment Bill was passed in 2022 which legalised the two-pot system. This system allows employees to access a portion of their retirement savings without having to cash out or resign from the entire pension fund. And the only way to do this is for workers to resign from their jobs.
On Monday, Cosatu Parliamentary Coordinator Matthew Parks said from 1 September, workers will no longer need to resign from their jobs to access some relief from their retirement savings.
Workers will retain
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