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Zwelinzima Vavi

Finance Minister Pravin Gordhan

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Cosatu has threatened to strike if the Treasury does not remove these "potential prejudicial provisions" and adopt comprehensive reforms.

Cosatu spokesman Patrick Craven yesterday said it was even more worrying that the federation was left out in the cold while talks about the reforms were taking place between the Treasury and the Financial Services Sector.

Cosatu believes the talks about the reforms started in 2007 and were continuing.

Craven said a date for a meeting with Finance Minister Pravin Gordhan, as part of the Cosatu leadership resolution, had not been set yet.

"We will be writing to the minister and ask for a meeting," he said.

In his Budget Speech Gordhan announced the Treasury would release a number of discussion papers, including one on retirement savings.

Yesterday, Treasury spokesman Jabulani Sikhakhane said less than 10% of South Africans retire without enough money.

"This is due to the regular withdrawal of retirement savings before retirement age."

He said the reform proposals do make room for allowing workers to dip into their retirement funds to pay for funeral costs, education of children or living expenses during period of unemployment.

Recently, Cosatu general secretary Zwelinzima Vavi expressed concern at the exclusion of labour from such a "complex and explosive issue" affecting workers.

The official retirement age is 60 for women and 65 for men.

Comments

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Wed May 22 22:42:48 SAST 2013 ::

Jun 8, 2012

maneater

i still do not get the 60 for women and 65 for men, why the difference when studies show that mens life expentancy rate is lower than that of women. they should let us retire at 50yrs.
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Jun 8, 2012

Pointman

Vavi is wrong on this one. Pension preservation is long overdue. Living on handouts in old age is not a good way to enjoy your last days. Unions use the pension payouts as a way of keeping their retrenched employees from realising that the union is doing nothing for them. Once preservation comes the unions will come under pressure to provide bridging funds for their members themselves so that there will be less of the fees to spend on themselves.
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Jun 8, 2012

PDreamz

less than 10% of South Africans retire without enough money
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Sad indeed so you work all your life to retire MORE poor and a pontential burden obviously if there were other options people wont be dipping into their retirement funds. No parent wants to fail their kids in terms of education thats why they must be advised to rather opt for educational policies and really lets go for funeral policies
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Jun 8, 2012

PDreamz

@maneater you want to retire at 50 and start doing what exactly? By 55 you would have chowed all your funds trying to impress women half your age and you'll end up being a hobo so its good you work your behind off so you dont have time to enjoy your hard earned money after 65 as you'll be left with about 5 yrs to kick the bucket we saving the nation from making stupid mistakes
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Jun 8, 2012

Mdala

Kuzonyiwa ke ngoku
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Jun 8, 2012

sbuthelezi

Mr Vavi, why dont u jus join DA? u re more of DA material than ANC

silent observor
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Jun 8, 2012

Nys1

OMG - Fcuk ..Vavi is getting ...Bigger and fatter ...!!!
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Jun 8, 2012

guiliano

@ maneater- Agree with u 65 is to much most of won't even get there.
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Jun 8, 2012

TDK

That's my money. I want it all.
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Jun 8, 2012

Jojo104

I partly agree with you maneater, but allowing men to retire at 50 with lots of cash on their hands, might be risky for our beloved young sisters and ladies aged from 14 to 27, as most of these men are still physical and sexually strong and might become Super-Sugar Daddies in our communities during the week hunting for the latter while we are in our respective work places.

And of course, that will not only increase the risk of HIV/STI infection rate of pupils, but compromise their learning abilities and contaminate their minds with adultory staff and money loving habits.

So, I think it would be better to say 60 for women and optional five extra to 65 for men, and not 50 fro men as I estimated the danger that might carry as above;
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