Cosatu wants workers to access retirement fund savings to fight Covid-19 hardship
Finance mister urged to allow workers to access their retirement fund savings to augment what they are getting from Ters
Cosatu has submitted an urgent request to finance minister Tito Mboweni to issue an emergency directive allowing employed workers who are members of retirement funds to access a part of their savings on a one-off basis to supplement Covid-19 Temporary Employer-Employee Relief Scheme (Ters) benefits.
Ordinarily, such a measure would have required a change in legislation as the minister is not empowered to tamper with retirement benefits. But because the country is under a state of disaster such interventions could be made possible through the gazetting of regulations, the union’s general secretary Bheki Ntshalintshali said on Monday.