South Africa's tax service said on Tuesday that pension withdrawals in the 11 weeks since a reform took effect allowing people to make partial withdrawals before retirement had risen to R35.1-billion.
The South African Revenue Service said on October 11 that R21.4-billion had been paid out since the September 1 reform.
The "two-pot" pension reform is meant to support long-term retirement savings while offering flexibility to fund members in financial distress.
It is expected to spur economic growth in the final months of 2024 and boost the government's tax take.
Edited by: Reuters
EMAIL THIS ARTICLE SAVE THIS ARTICLE
To subscribe email subscriptions@creamermedia.co.za or click here
To advertise email advertising@creamermedia.co.za or click here
