SAFTU rejects two-pot retirement system
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- Опубликовано: 15 окт 2024
- SAFTU has expressed strong opposition to the new two-pot retirement system recently signed by President Cyril Ramaphosa. It allows workers to access a third of their pension contribution before retirement. The federation says these rules undermine the potential benefits of the reform by limiting workers' access to their funds. SAFTU’s Zwelinzima Vavi says one of the main issues is the withdrawal being capped at R30 000.
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Everything Ramaphosa signs is a burden and undermining the working class
Yet the working class votes the ANC back into power... Backed by the unions... So who deserves their own problems?
How does the two pot system undermine the working class?
@@lindilebangose7667 If you were employed you would understand
@@lindilebangose7667Come on wena cant you see that this is a trick to all workers, which all unions should reject!??
U can only access ur funds at retirement age of 65 even if u resigne,get fired....@@lindilebangose7667
What will I do with the money when I'm old and useless??? I need all my money when I resign/dismissed/retrenched to improve my house and other things... After 60 years I only need food to eat which will be covered by old age grant .
This is day light robbery and most people will die before having a taste of their money!
This must be rejected!!!!
It's becoming clear to most that RamSofa could be the biggest scam to hit SA
I agree with you, i share the same views!! i say they must reject holding our money when we resign because this is OUR MONEY, I don't mind the savings that we can withdraw but why must they block the rest of the funds if we retire or resign that day light robbery. And if you look at this withdrawal situation gov will be take big chunk of tax from it to the point that we will no be withdrawing from this damn thing.
my thoughts too
I 100% agree with you
I agree with u
Can we take the government to court for this ? I'm tired of this useless government as we are being oppressed silently
The unions promised us that we will get our money as relief, not our money be kept by government until we are old and useless. Meanwhile the same government is going to borrow our money and use it for its corrupt means.
Saftu is correct , these system is cruel.
Lets take the matter to a court of law to nalify the trash law.
its our money they should at least make it 100k
That 30K is an insult to employees ....ayikho lento
Lol, you want more tax to be deducted on your money. And to be -R100k when you retired 😅
Government should give workers options to choose weather they want it or not😢.. I'm planning to leave my 8 years job as a patrol attendant to start a career in logistics,is hard to find a job without experience. my plan is to use my service money to build my parents a home, settle my monthly expenses while looking for a company that will help me with experience.i want to change my life now not after 65. I have kids to feed, fees to pay,life bills. 😢😢Crime is the only option in South Africa🤞 😢😢Government is pushing us to do wrong 😢😢. Life is already tough for us and they making it worse.
Businesses want you to save for pension, but then they want to use those funds to prop themselves up, while you struggle, they fill their pockets. Once those companies go down, so can your pension go with it. You save and end up with nothing. Not fair.
Workers need to call a review of this law since we were not given a chance to participate in the process. I believe that referendum should be conducted before this has been signed to law.
Seconded we must not allow it
We should let the country stand still for this 2 pot system because if one loses his job while paying the bond so your house would be repossessed while waiting for retirement age
Is nt even 30000 cos of tax
Workers are undermined,so basically we can't go for greener pastures,,and yet there is no consultation..
Our govt mostly caters for n😂on-working class that is the majority ,because they are always canvassing for future votes,they milk the working class with tax and the non-working class benefits😢
It's not the businesses money. People need to use their money
They had no right to interfere with our pensions they suppose to leave it alone let the workers withdraw or retire with their money
Something wrong with our President
He is a capitalist and very naive with our money as a working class
It's not my president I am da
Love this man he should be president he thinks of the welfare of south Africans. ..you so right sir this is an injustice to the all south Africans ..thank you fur fighting for the people ..
We reject it too
This is a scam its for their benefit since they will also tax this 30000 they really don't take us crc .
Viva Vavi
All the unions are quite, they do not say a word as our government is burying his works alife. Thank You Vavi it is so sad what our government is doing for his employees.
It is unfortunate that leaders that represent us as working class come this late to counter act this criminal act of two pot system that is not going to benefit the workers, but government and finencial institutions.
Well, to those who still believe they aren't slaves, now you know...
Why does the goverment wants controle over my pension, when i, m 60 i want all off my money not one third.
Thanks there are people who think for us workers
The biggest problem is most unions have agreed to lomsangano ka government
1/3 of the fund once off would have been significant. R30K? for people with high pensions also have high debts.
That's true @noreenm5028. But the prblm with that is people will be free of debts and the big corporates won't have that. Remember that the big corporates are the true ruling party
they are making sure that, poor black people must suffer forever. as a South African, we must do something about this.
For who did you vote 🗳 🤔 my friend
Remember when they said doomsday that is one of them
And more to come as long as the anc is in charge
This is B.S. system !!!
@joulenesmith6819 it's not about votes, even if you voted for DA it affects you too. This is not ANC resolution, DA is also in it.
Thank Sir , you are the only one that seems through this scam.Down with two pot. Viva SAFTU viva
Thank you SAFTU, they want to eat our money when we're paying tax. What happens if if investments drop. We say NO to this nonsense.
I thought there was not limit one can withdraw from the saving pot
they will drop for sure.
our currency is not current ,imagine 20 years later from now,inflation rate will affect us especially if givt sees that the majority of people did not withdraw ,they will still get them on their huge lumpsum😂at retirement age .
They made good decision to give us the money but percent it's nothing. At least 10k . This is the right thing to draw the money bc kuyafiwa Ngoku so we don't know if we gonna reach retirement age which is 60 Years.
In nowadays we dying at the young age .
I also reject it. It's not helping anyone
For the high Tax rates😢😢😢😢and medical aid. If I remember well. we stand a right and entitled to grants when geriatric comes. Why ain't we rebelling to such Bills. They do as they like with what's mine. And the people who'll be accessing the retirement pockets, it's mostly blacks. They want us to starve to death. Where is this government of Ramaphosa taking us Bafwethu.? Umntomyama uyafa laaah.
But we are not taken serious, on a very serious not ,this country is a movie ,government employees are suffering ,government set down for 100 years and come out with 30 thousand rand for us built houses,pay our debt,God have mercy on us,deliver us lord.
Tax payer = slave
This is south africa... Who came up with this system? We the people have no power, we have no power because we sit back and watch and wait for people to fight for us. We have been condition to think like slaves and it's totally normal
They are protecting banks because they are making money by charging interest on vehicle loans and housing bonds
How can you consult your workers after the bill has been signed!!! They are not helping any woker, the tax tariffs is high and people have no control and say in the matter! Politicians undermines the working class an wants to think and speak for people more educated them...
Exactly my concern, why wait for the bill to be signed when this was months introduced before elections? 😢.. As much as I stand with the remarks from him, I'm saddened by late tackle, shows incompetence and we pay this Unions, it's like deep down they held their statements until it's the system is approved and signed.
I think R30000 will not solve people s problems. It will have been better if People were at least given 30% once off..not this..I think most people will not not be able to do anything with it but Government will benefit from Tax..
That's the whole intention, what a brutal system we have as a country
Fully agree 👍
Initially, it was like that. It's now changed.
Cyril Ramaphosa is cruel
But no then what's the point of having retirement funds in the first place. These unions taking advantage of the misinformed
Exactly. It means the entire pension fund system must be canceled? Unrealistic
Who gave the govt permission to do this?
The people that voted for the anc into governance
Take Cyril to court for this ..sir ...
The 30000 is the maximum that they will deposit into one's savings pot from the vested pot (vested pot being the pension amount that one has accumulated over the past years until the 1st of September). Thereafter 1/3 of your pension fund contribution will be deposited into the savings. So meaning if one wants to withdraw a much more larger sum of money then they should not withdraw immediately but should wait until they have accumulated enough. And the withdrawals should be reserved for emergency cases ONLY. Otherwise, the tax man will enjoy your money
south africa has always been a strange country. They like following 1st world nations whilst we 3rd world country. With so much unemployment, why really you suffer while you have retirement just waiting to be inherited by your kids.
Hi, I would like to find out if there is any possibility that we as employees can challenge the government, be against this decision because if strongly feel government undermine us
Petition with majority of people affected can help to make them reconsider this law
Please let me refer to you as to say the anc government not the government the anc government remember Ramaphosa is anc
South Africans should be up in arms ..and stand united ..what kind of president does this to the people of south Africa. ...it's sad ..fight this ..don't allow him to let south Africans die ...we stand with you sir ..not Cyril a selfish man ..
Imagine loosing your job at 36, at age 55 you would've struggled to send your kids to university, struggled to provide for your family and probably die at age 54🥲
It's so sad how we are treated in South africa like I'm going to pay 8k for just Withrown. it's so unfair 😢😢😢
How much tax % do they charge when you widraw 30k
According to your tax bracket. If you are a director I suggest you don't withdraw from the savings.
The tax is actually much higher than the normal one
Normaly tax is 26%
I reject the pots.
This 2 pot system law must be challenged in a court of law.
Workers remain slaves under COSATU and the outgoing ruling party. It's a shame . Bullish rules for the two pot system !!
The problem is capping in saving pot withdrawal and the difficult rule in accessing retirement fund in form of annuities at age of 60. The big problem is COSATU affiliated unions , approved that at nedlec to be the law . COSATU is a crimal Federation representing poor workers not president Ramaphosa. If COSATU was right should have not approved and stand with saftu at nedlec, this couldn't have signed into law by the President!!!!!
.
we need to stand up for our rights we need to have a shut down
Can we please get a government in South Africa that can actually run a county!!!!
Everything that you are solving have no solution
Just more taxes for people that cant run a county thats all. The ANC has run out of money full stop
The TwoPot was supposed to be an emergency withdrawal, why should it take so long to pay out? Its criminal actualy.
I agree with you leadership this is not fair they just undermine us as human beings selfishness
These people are misinformed. The Two Pot System is not capped at R 30 000.
It's 33%, and you are only allowed to withdraw from that fund once a year which is taxable at your marginal rate.
I think you are misinformed. You can withdraw up to R30 000 in a year. It doesn't matter how much you have on the savings pot. You will withdraw less than R30 000 if your pensions are less than R300 000.
@@musampahlwa2260No. Maximus is right. The seeding amount is capped at 30k. But there is absolutely no cap on the amount that is accumulated in the savings pot. This is a common misunderstanding with this system.
Exactly. Vavi is uninformed and it's quite shocking 😳
@@musampahlwa2260no. R30 000 is not the maximum withdrawal amount. It is the maximum seed that will be transferred to your savings pot on 1 September 2024. The savings pot will accumulate on top of that 30K from that point onwards and you can withdraw all the accumulated savings at any time in the future with no maximum withdrawal imposed
@@TalkingMoneyWithNozi I sent an email to Newzroom a few days ago asking that they correct this error but unfortunately they have not responded to my mail.
The audacity of saying yr lumpsum will be paid after death, so youre working for other people to enjoy your hard earned money. What if you want to resign and you wany yr lumpsum to start yr business
We as employees are not given option to choose those many ports. Example is when employee will not want to make withdrawal until retirement or resignation. Unions did not help us at all. Government continues to control us like children and keeping our money until Certain age as if we are young and we can’t make correct decisions about us.
For the first time, I fully agree with Vavi.
I also reject this useless idea from the government
what a late reaction ,They had the whole year to fight this pot system before it was even approved .
Why is he talking now.
We dont want it doesn't make sense at all
it's simple this thing. The provisions should read that yes you get your R30k annually and not take away the option to cash out all my monies upon resignation. Taking away this is choice is prejudicial to the working class
Vavi must keep quite, they've gained from corruption from day one but us the small people must get our money when we are old???
This also tells me people do not entirely understand this system. It also took me some time
If you have R100 000 going into Sept. R10000 goes into savings pot, the R90K goes into a vested pot. This stops growing and you can still withdraw when you resign. The 2 pot system effectively starts from scratch for everyone on 1Sept
You're the one who doesn't understand
This is incorrect..unleashed xxx
@@margaretmeaker2830 please educate me? I did not want to write a whole thesis on this so I summarized and that may be where I got lost in translation
Essentially there are 3 pots:
Savings Pot: 1 Sep 10% or R30000 (whichever is lower) goes into this as seed capital. After that 33% of monthly contribution goes to this
Can be accessed once a year. If not accessed for 3 years for example, the entire accumulated amount will be available for withdrawal
Retirement Pot: 66% of contribution goes into this after 1 Sep. That's why I said it "starts from scratch". Not available for withdrawal before retirement
Vested pot: everything you had up to 31 Aug less seed capital that went into savings pot. Amount remains the same and will always be available for withdrawal at resignation
What am I missing?
@@margaretmeaker2830
please educate me? I did not want to write a whole thesis on this so I summarized and that may be where I got lost in translation
Essentially there are 3 pots:
Savings Pot: 1 Sep 10% or R30000 (whichever is lower) goes into this as seed capital. After that 33% of monthly contribution goes to this
Can be accessed once a year. If not accessed for 3 years for example, the entire accumulated amount will be available for withdrawal
Retirement Pot: 66% of contribution goes into this after 1 Sep. That's why I said it "starts from scratch". Not available for withdrawal before retirement
Vested pot: everything you had up to 31 Aug less seed capital that went into savings pot. Amount remains the same and will always be available for withdrawal at resignation
What am I missing?
@margaretmeaker2830 please educate me? I did not want to write a whole thesis on this so I summarized and that may be where I got lost in translation
Essentially there are 3 pots:
Savings Pot: 1 Sep 10% or R30000 (whichever is lower) goes into this as seed capital. After that 33% of monthly contribution goes to this
Can be accessed once a year. If not accessed for 3 years for example, the entire accumulated amount will be available for withdrawal
Retirement Pot: 66% of contribution goes into this after 1 Sep. That's why I said it "starts from scratch". Not available for withdrawal before retirement
Vested pot: everything you had up to 31 Aug less seed capital that went into savings pot. Amount remains the same and will always be available for withdrawal at resignation
What am I missing?
The government was undermining the workers ...really there is nothing one can do with lousy 30 thou and there by inviting SARS on your neck....The ANC never loved the workers right frm the word go
true
Imagine being told what you can do with YOUR pensions
Excalty ❤
I hope by the next vote 🗳 you will vote the anc out of governance they are useless useless useless and i hope everyone's eyes has open this is doomsday
And when you loose your job at 45, and not get another job, you must wait until you reach 60? Waiting 15 yrs for your own money and still you gonna get it in installments, not lumpsum
But it's up to R30K available yearly. Isn't it?
No R30K max is a once off only in Sep. If for example, you don't take anything in Sep and by next year you have R50K, then you can take the whole R50K
@@unleashed3074next year you can only withdraw 10% of your savings 😢. So if you don't withdraw your R30k now next year you'll withdraw R3k only
@@unleashed3074 yes true indeed
The government is only thinking about tax to cover expenditures. Good move hey. But let's use money wisely though.
Goverment must come face to face with the workers rite know couse is over controll to wokers money .
Government need to pay the South African Reserve Bank to get out if debt but it can't, coz part of those whi has shares in the bank are south africans whi want to keep people poor as well as the country so they can stay in power.
You meant the anc government not the government the anc government anc
@@joulenesmith6819 ANC is a party, not a government thus you can't say ANC government coz it doesn't exists nor has it ever. I have no love for the anc, just to be clear😉. sout african government consist of all parties of which the anc is part, so when i say the government it means all political parties tht firms the government of south africa. no politician or party will admit tht statement. if the reserve bank is owned by the government and/or South African people, we will be a 1st world country like USA, but government as well as south africans are over in debt to the 1 owing the reserve bank. the name south african reserve bank is just a front and to mislead the people of south africa and those in government knows it but does nothing coz it benefits them to keep south africans poor so they can enrich themaelfs.
But why leaders like Vavi are misleading people? He doesn't even understand the law he is crucifying. R30000 is not the maximum amount that you can withdraw from the savings pot, instead it is the maximum amount to be seeded to the savings pot from the vested pot. You open your balance in the savings pot with a maximum of R30000 and further 1/3 of your contributions go into the savings pot with effect from 1 September 2024. So, you can withdraw R100000 depending on how much extra has gone into the savings pot plus the R30000 opening balance. He must be taught how the rules work and stop spreading wrong interpretation of the system.
Isn't it too late to 'reject'? Where were you all this time? What's the way forward to quickly change this rubbish?
What happens if one dies under this two pot system
Then your are dead and the anc government says another one bites dust
And no interests earned from the retirement savings
This pot means if you like up to 65yrs and you're supposed to get government pension as senior citizen...boom you'll be asked did you withdraw from pot? When you said you😂😂😂you'll be excuse for 10yrs. I don't trust these people
Nonsense this 2 pots system 😮
I support
WHY PEOPLE ARE QUEIT,THEY HAVE TO UNITE AND DENY THIS R30K IS TOO SMALL FOR SOME PEOPLE.IF 10% IS MILLION WHY NOT WITHDRAW ALL?
Vavi is aging banna we
We're going through the most and that's a you're looking at?? Hhay abanye abantu abananqondo shem
He’s been working in unions for over 30 years… you expected him to look like it’s 1999?Aging is natural 🙄
@@mogoshadimaserumule5780 yes I expected that. He should be retiring
Too late now
It's toooo late doomsday has arrived
Can someone stop this nonsense please
Will disappear like SBV😮
You mean VBS?😮
No it's doomsday the anc government is going to let everything disappear how like the eff is going to disappear
Capitalism people call him aa good negotiate workers call him sellout
where have you been sleeping VAVI ?
That's a good question
Bit late to start fighting now don't you 🤔 🤔
Vavi, u are misleading the working class on this one.
He is really old shame this guy.
😂 I'm not laughing... Like yoooh
Lendoda edla abafazi babantu sizoyithemba kanjani
😂
This 2 pot system is bullshit
Vavi its our money go alter your jacket it looks way too big
Vavi is very old
Saftu must go look for proper jobs this is our money and we welcome the president efforts they reject what they want a piece in our money nothing else they must go look for real jobs not talking on our behalf
Do you understand this 2 pot's thing 🤔 please explain it well to us
@@mxolisinavil-nk4ej clowns like mandla just talk.
Are you an employee or your just talking
@@albertsirwali2733he is just talking
@@albertsirwali2733 clearly he does not anything about the system. The tax imposed on upon withdrawal is crazy.