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Feb 13 2012 12:15
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Feb 13 2012 10:43
Although jobs were created, the economy is still 420 000 jobs short of the peak employment level before the 2009 global financial crisis, says Adcorp.
Feb 13 2012 07:58
Greek lawmakers have approved a new round of drastic austerity measures after a long day of street battles between police and protesters left dozens injured.
Cape Town - Social Development Minister Zola Skweyiya on Monday assured South Africans that their pension fund contributions would not be negatively affected by the launch of government's proposed pension fund.
"I must stress that government has no intention of raiding any existing retirement funds or forcing members to put the savings accumulated thus far into the new National Social Security Pension Fund," he said in a statement.
This followed concerns raised by Cosatu that some people were resigning so they could draw their provident fund benefits before the new Social Security Pension Fund kicked in.
Fears that current contributors would lose their benefits were misplaced.
"On the contrary, we would like to ensure that all those who have previously contributed receive the full benefit of their contributions when they reach their retirement age.
"In fact, government will be subsidising the pension contributions of low income earners," Skweyiya said.
The proposed fund, currently being finalised, could see low-income earners being forced to contribute to the scheme.
"The Department is proposing that all those earning more than R1 000 per month must contribute to the new National Social Security Pension Fund, with government providing a contribution subsidy directly into contributors' accounts and not through a wage subsidy," Skweyiya said.
-Sapa