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:
この記事は The Citizen の July 30, 2024 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です ? サインイン
この記事は The Citizen の July 30, 2024 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です? サインイン
CHIEFS' BIG TALENT
The new Amakhosi head coach is showing a willingness to start trusting in younger players.
Arsenal retain hunger
Mikel Arteta saluted Arsenal's hunger as the gritty Gunners ignored the absence of Declan Rice and Martin Odegaard to clinch an \"ugly\" 1-0 win at bitter rivals Tottenham yesterday.
Piastri claims a tense Baku win
Oscar Piastri claimed an impressive second victory of his burgeoning career yesterday when he drove his McLaren to a well-judged triumph ahead of Ferrari's Charles Leclerc in a tense Azerbaijan Grand Prix.
No room for relaxing
Manqoba Mngqithi has issued a friendly warning to his dazzling array of Mamelodi Sundowns superstars that complacency will not be tolerated this season.
Austerity is wrong route
Belt-tightening means choosing not to invest in SA citizens.
Clear case for nuclear
Scientists, not lobbyists, must lead the conversation’.
This is how your interest rate is calculated
Economists expect that the South African Reserve Bank will cut the repo rate on Thursday, giving consumers a little more breathing room when it comes to their finances.
Saving for retirement at 50
South Africans become financially wiser as they get older, says expert.
Exploring the afterlife
The existential question that never bears an answer.
Scramble to help victims of floods
Hundreds killed in wake of Typhoon Yagi.