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:
Denne historien er fra July 30, 2024-utgaven av The Citizen.
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Denne historien er fra July 30, 2024-utgaven av The Citizen.
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Boks chase NZ double
South Africa will be attempting to wrestle back the Freedom Cup for the first time since 2009.
'Pecco' aims to pick himself up again
Francesco Bagnaia (right) has put his horror crash in Aragon behind him as the MotoGP champion attempts to reclaim top spot from Jorge Martin at this weekend's San Marino and Rimini Riviera Grand Prix.
Kruger boosts SA medal count
Junior athlete Simone Kruger gave the national team's medal count a boost by claiming gold in the women's F38 discus throw at the Paralympic Games in Paris last night.
Pegula scripts a dream story
Jessica Pegula scripted an astonishing comeback \"just in the nick of time\" to defeat Karolina Muchova on Thursday at the US Open and reach her first Grand Slam final, where she will take on big-hitting Aryna Sabalenka for the title.
Hunt is very aggravated with PSL's dilly-dallying
SuperSport United head coach Gavin Hunt (below) has weighed in on the unconventional start to the new Premier Soccer League (PSL) season.
US soccer icon hanging up her boots
Los Angeles-US soccer icon Alex Morgan (right), who inspired the Americans to two Women's World Cup football crowns, announced Thursday that she will retire after a final club match tomorrow.
Irish seek huge upset
New Ireland boss Heimir Hallgrimsson is hoping to engineer another huge upset against England today-eight years after his Iceland team shocked the Three Lions at Euro 2016.
Is retiring early an option?
Early retirement can come with several serious risks.
Banking on women
Having an account does not equate to financial autonomy.
Failing matric is not the end of life
In a month's time or so, the matric class of 2024 will sit for their final examinations.
