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South Africa’s Minister of Electricity and Energy Kgosientsho Ramokgopa. AFP/Rodger Bosch
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The much awaited two-pot retirement system is coming into effect in less then 10 days.
From September the 1st any retirement funds put away by workers or their employers on their behalf, will be held in two pots.
EXPLAINER | Two-Pot Retirement System | What you need to know
Two thirds will be held for retirement and cannot be drawn out sooner.
One third will be held in a savings pot and it can be accessed.
The SA Federation of Trade Unions says workers who are drowning in debt or become unemployed need to access more.
The Public Servants Association’s Claude Naiker discussed this with eNCA.
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