Labor federations grow impatient with Treasury slow to change pension fund law – SABC News

The COSATU trade union federation says it is increasingly impatient with the delay by the national treasury in finalizing and adopting pension and pension reforms. The Pension Fund Amendment Bill, which aims to allow workers access to part of their pension and retirement funds, is expected to be presented as a tax bill to be passed in a specific deadline, once it has been introduced.

“The workers are in trouble. We have a 45% unemployment rate, but even public sector or private sector workers who are lucky enough to have a job are struggling. They support relatives who have lost their salaries, they are very indebted,” comments Matthew Parks, COSATU’s parliamentary coordinator.

Parks says that at the height of the COVID-19 lockdown in 2020, the union proposed that workers be allowed access to a third of their pension funds to pay off debts and make ends meet in order to benefit the economy by injecting money into it.

Another trade union confederation, the Federation of Trade Unions of South Africa (FEDUSA), says the Treasury’s delay was unnecessary. FEDUSA Deputy General Secretary Ashley Benjamin said her union was “annoyed” by the National Treasury’s delay in changing legislation to allow workers access to part of their retirement funds.

“This delay is causing more hardship for workers who are already negatively affected by the current economic climate with ever-increasing interest rates, high cost of electricity, tariffs and steep increases from the fuel crisis. “said the Deputy Secretary General.

Dolores W. Simon