How this will impact those affected by the country's huge economic disparity the most.
A study of 160 countries, spanning 60 years of economic history, establishes that there's no country that has been able to transition from "poor to prosperous" without a high savings rate.
And that households are one of the most important contributors to a country's overall level of savings rate.
Yet, SA's household savings rate is among the lowest in the world at only 0.5%. This is far below that of many emerging market peers like Brazil, Chile or India, where households save between 5%-9% of gross domestic product.
The two-component retirement system which is being put in place in SA-the "twopot system" aims to make a contribution to repairing SA's weak state of saving. The changes have important implications for people planning for retirement.
The new system will be implemented on 1 September and will apply to private and state pensions.
The new system introduces two components to a person's retirement savings:
هذه القصة مأخوذة من طبعة July 30, 2024 من The Citizen.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة July 30, 2024 من The Citizen.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
Mud paintings go global
Reproduced on saleable items for overseas market
China's 'Motown' has charms of its own
Not a tourist city but Wuhu's growing fast
Keeping the tradition alive
BATHING RITUALS: ISTANBUL'S HISTORIC HAMMAMS REOPEN AFTER 13-YEAR RESTORATION
India trounce the Proteas
The Proteas were demolished by India last night, crumbling to a record 135-run defeat as the tourists wrapped up a 3-1 series victory in the fourth and final T20 International at the Wanderers.
Boks wary of England
KOLISI: KNOWS EXACTLY HOW IT FEELS TO ENDURE LENGTHY LOSING SPREE
Player safety is high on agenda
Australia's Brett Robinson said it was a \"proud moment\" for him after he became the first chairman of World Rugby from the southern hemisphere on Thursday and vowed to unify all the different factions.
Rugby needs more 'superstars'
Wales rugby coach Warren Gatland believes \"the game needs superstars\" as his struggling side prepare to face Wallaby wonder Joseph-Aukuso Suaalii (right) tomorrow.
Challenge is 'immense'
GALTHIE: LES BLEUS HOPE TO MAINTAIN STRANGLEHOLD ON THE ALL BLACKS
Williamson boost for the Black Caps
Prolific batsman Kane Williamson was yesterday included in New Zealand's Test squad to face England after missing their recent 3-0 sweep in India with a groin injury.
Southee makes his career call
STALWART: ENGLAND TEST SERIES WILL BE SWANSONG
