RETIREMENT
Treasury holds firm after ANC MPs back flexibility in pension savings
In an unusual move, ANC MPs were open to amending the bill whereas the Treasury wanted them to reject it in its entirety
19 May 2021 - 14:46
UPDATED 19 May 2021 - 23:41
In a rare move, ANC MPs have sided with the opposition DA against the Treasury, which is steadfastly against a proposal to allow workers to use part of their savings before retirement as security for loans.
The retirement and savings industries supported the government’s stance, raising concerns over the wisdom and practicality of the private member’s bill tabled by DA MP Dion George in response to the dire situation faced by many workers as a result of the Covid-19 pandemic. It proposes that they be given access to up to 75% of the value of their savings...
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