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The government has decided to allow people access to their long-term savings while the country faces its worst economic crisis.
Finance Minister Tito Mboweni made the announcement when he presented the mini-budget yesterday.
Mboweni said that the measure to allow workers to access their fund before retirement under certain circumstances is to guarantee social protection.
“We are pleased to announce a landmark agreement with all Nedlac constituencies for provident fund annualization beginning March 2021, which will allow all workers to continue to enjoy tax deductions on their contributions. We thank the labor constituency for identifying appropriate annuity products for low-income workers.
“Nedlac’s electoral districts also agree to accelerate the introduction of self-registration for all employed workers and the establishment of a fund to serve workers currently excluded from pension coverage, as an urgent intervention towards a comprehensive social security system.
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