Cosatu welcomes two-pot retirement system proposals

JOHANNESBURG - Cosatu says the new two-pot system for workers to cash out from their retirement funds before reaching the retirement age will provide much-needed relief to debt-laden workers.

Members of the public have until 15 July to comment on the new system.

READ: Comment asked on draft pension laws

When the two-pot system comes into effect in March 2024, workers can access one-third of their retirement savings throughout their careers, while two-thirds will only become accessible on retirement.

"This is one of the most popular long-desired pension reforms by workers across the country. We have been inundated by workers who are drowning in debt, they are very keen to see this come into effect," said Cosatu's Matthew Parks.