Parliament - The labour department is looking at ways to promote
retirement saving among vulnerable workers, Labour Minister Mildred
Oliphant said on Tuesday.
An investigation had been initiated to determine the
feasibility of introducing an appropriate retirement savings vehicle for
vulnerable workers, especially in the farming and domestic work
sectors, she told the National Assembly during debate on her budget
"If we are able to put in place a retirement savings
scheme for these workers, it will begin to promote a culture of saving
for retirement among low-income earners."
This initiative was intended to assist and complement
the government's broader social security reform initiatives and was not
intended to further fragment savings arrangements in South Africa.
The National Economic Development and Labour Council
was also dealing with the International Labour Organisation convention
189, which sought to provide decent work for domestic workers.
"Once concluded, we will move with [the] required speed to ratify this convention," Oliphant said.