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Green Paper on Comprehensive Social Security and Retirement Reform

20 Aug 2021 - 09:45
Department of Social Development logo
Department of Social Development logo

The Green Paper on Comprehensive Social Security and Retirement Reform has been published for public comment. "proposes the creation of a new National Social Security Fund (NSSF) - a government-managed fund which will provide retirement, disability benefits and unemployment benefits. All employers and employees will initially be obliged to contribute up to 12% of their earnings - up to a certain ceiling, which is currently proposed as earnings of R276 000 per year." (Source: https://www.news24.com/fin24/economy/south-africa/new-govt-plan-wants-south-africans-to-pay-12-of-their-earnings-into-state-managed-fund-20210818)