2-point retirement system pushed to March 2024

JOHANNESBURG - Treasury has pushed the implementation of the two-pot retirement system by a year to March 2024.

It effectively divides your contributions into 2 savings vehicles.

You can withdraw a minimum of R2,000 per year from the one, while the other is only available on retirement.

READ: New 2-pot retirement system to boost pension savings

Cosatu is calling for it to be done by October next year already.

It says its members are desperate for funds as the cost of living escalates.

However, the Association for Savings and Investment South Africa says this will not be feasible.

Watch the video above for more details on this story