Zuma appoints Radebe to liaise with Cosatu on new pension law


Minister of Justice and Constitutional Development Jeff Radebe during a press conference on May 19, 2013 in Pretoria.

JOHANNESBURG - President Jacob Zuma on Friday assigned Minister in the Presidency for Planning, Monitoring and Evaluation, Jeff Radebe to assist the National Treasury and the Congress of South African Trade Unions (Cosatu) in their discussions relating to the Tax Administration Amendment Act.

Zuma appointed an Inter-Ministerial Committee (IMC) on Comprehensive Social Security.

"The IMC will focus on comprehensive social security reforms with a view to addressing the gaps and weaknesses identified as well as ensuring the provision of comprehensive social security for all," Zuma said in a statement.

Cosatu has criticised Zuma for signing the act.

They say the president acted unilaterally.

Under the new law, as from 1 March, employees will no longer be allowed to cash in their retirement annuities when they resign.

They will only have access to one third in cash, while two-thirds will be paid out in installments upon retirement.

Cosatu has threatened massive protest action if the amendment is implemented as it stands.

*Watch an interview in the gallery above, with Cosatu spokesperson, Sizwe Pamla, on the union&39;s reaction.

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