THE postponement of the implementation of the annuitisation of part of provident fund savings on retirement was welcomed by Finance Minister Pravin Gordhan in the National Assembly on Tuesday on the grounds that a consensual approach to what was a long-term issue was preferable to an adversarial one.The National Assembly adopted the Revenue Laws Amendment Bill in the presence of a gallery packed with about 200 members of the Congress of South African Trade Unions (Cosatu) which welcomed the postponement "as a huge and major victory" for workers. The Democratic Alliance (DA) opposed it.The bill postpones the implementation of the compulsory annuitisation of two thirds of provident fund savings until March 2018 to allow government to consult with labour over the design of a system of preservation.The measure was due to take effect on March 1 but was withdrawn by government after strong protests and threats of strike action by the Cosatu which accused government and Parliament of a lac...
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