Green Paper on Comprehensive Social Security and Retirement Reform

20 Aug 2021
Department of Social Development logo
Department of Social Development logo
20 Aug 2021

The Green Paper on Comprehensive Social Security and Retirement Reform has been published for public comment. "proposes the creation of a new National Social Security Fund (NSSF) - a government-managed fund which will provide retirement, disability benefits and unemployment benefits. All employers and employees will initially be obliged to contribute up to 12% of their earnings - up to a certain ceiling, which is currently proposed as earnings of R276 000 per year." (Source: https://www.news24.com/fin24/economy/south-africa/new-govt-plan-wants-south-africans-to-pay-12-of-their-earnings-into-state-managed-fund-20210818)