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Cape Town - The government is looking at introducing a savings vehicle with tax benefits to make provision for retirement capital, according to an expert.
Old Mutual senior legal manager Soré Cloete told Fin24 in studio that this type of savings is part of the government’s retirement reforms plan to encourage South Africans to save more.
She said there are various savings methods, but that the government is proposing an additional type of savings vehicle.
"What government is proposing is that individuals will be able to put away R30 000 a year and the growth on that amount that they put away will not attract any tax and up to a certain limit of R500 000 during an individual's lifetime."
Watch:
- Fin24
Old Mutual senior legal manager Soré Cloete told Fin24 in studio that this type of savings is part of the government’s retirement reforms plan to encourage South Africans to save more.
She said there are various savings methods, but that the government is proposing an additional type of savings vehicle.
"What government is proposing is that individuals will be able to put away R30 000 a year and the growth on that amount that they put away will not attract any tax and up to a certain limit of R500 000 during an individual's lifetime."
Watch:
- Fin24
