MNI BRIEF: China Passenger Car Sales Up In November Y/Y

MNI China Daily Summary: Monday, December 9

MNI BRIEF: China To Strengthen Policy Easing In 2025: Poliburo

MNI BRIEF: China Nov CPI Slows To 5-Month Low Of 0.2% Y/Y

MNI: PBOC Sets Yuan Parity Higher At 7.1870 Mon; -1.39% Y/Y

MNI: China CFETS Yuan Index Down 0.36% In Week of Dec 6

MNI JAPAN Q3 GDP REV +0.3% Q/Q; PRELIM +0.2%; MEDIAN +0.2%

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

SOUTH AFRICA: Pension Fund Members Request ZAR4.1bn of Withdrawals

SOUTH AFRICA
EM BulletBulletGlobalEmerging Market NewsRegion
  • "S. AFRICA PENSION FUND MEMBERS REQUEST ZAR4.1B OF WITHDRAWALS"
  • "S. AFRICA REVENUE SERVICE COMMENTS ON 2-POT SYSTEM WITHDRAWALS" - BBG

As a reminder, the two-pot pension withdrawal system opened last week. Commenting earlier this week, Absa said they see total claims of ZAR 80bln in the first year, Citi see post-tax withdrawals of ZAR 38bln, Stanlib expected ZAR 50bln (ZAR 40bln post-tax), while Sanlam say forecasting is “impossible”.

The changes are seen as positive for both GDP and tax revenues for this year – Stanlib upgraded their GDP view by 0.2ppts, and estimate revenues of ZAR 16bln, while Citi upgrades 2024/25 growth to 1.2% (+0.2ppts) and 2.0% (+0.3ppts) on the plans. The pensions reform is also a key support for JPM’s overweight South Africa call.

123 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • "S. AFRICA PENSION FUND MEMBERS REQUEST ZAR4.1B OF WITHDRAWALS"
  • "S. AFRICA REVENUE SERVICE COMMENTS ON 2-POT SYSTEM WITHDRAWALS" - BBG

As a reminder, the two-pot pension withdrawal system opened last week. Commenting earlier this week, Absa said they see total claims of ZAR 80bln in the first year, Citi see post-tax withdrawals of ZAR 38bln, Stanlib expected ZAR 50bln (ZAR 40bln post-tax), while Sanlam say forecasting is “impossible”.

The changes are seen as positive for both GDP and tax revenues for this year – Stanlib upgraded their GDP view by 0.2ppts, and estimate revenues of ZAR 16bln, while Citi upgrades 2024/25 growth to 1.2% (+0.2ppts) and 2.0% (+0.3ppts) on the plans. The pensions reform is also a key support for JPM’s overweight South Africa call.