Business
JOHANNESBURG – Two-pot withdrawals will give South Africa’s economy a major boost.
Retirement administrators have been flooded with requests, with Absa saying it was expecting withdrawals to amount to nearly R80-billion in the first year.
WATCH: Two-pot retirement system | Workers dive into pension savings pots
The two-pot system means that all future savings will be split into a retirement pot that cannot be accessed until retirement and a savings pot of one-third, that can be withdrawn.
Ten percent of people’s existing retirement savings, to a maximum of R30,000 have been placed in the savings pot already.
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“Business Top Stories 0 sec ago JOHANNESBURG – Two-pot withdrawals will give South Africa’s economy a major boost. Retirement administrators have been flooded with requests, with Absa saying it was…”
Source Link: https://www.enca.com/business-top-stories/two-pot-retirement-system-withdrawals-could-amount-r80bn
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