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SOUTH AFRICA: Two-Pot Retirement Policy Triggers Surge in Withdrawals Demand

SOUTH AFRICA
EM BulletBulletGlobalEmerging Market NewsRegion
  • The introduction of the two-pot retirement system led to the SARS tax service processing close to 2,500 withdrawal instructions on the first day of operation, according to the Daily Maverick.
  • Some fund administrators were reportedly fighting tech crashes and system issues as members of the funds were flooding admins with withdrawal requests. The first day of withdrawals amounted to ZAR 103mln – amounting to a ZAR 6.7mln contribution to the fiscus in one day.
  • PMI data takes focus ahead, with the all-sector number last at 49.3 in July. BER Business Confidence numbers are set to follow at 1100BST.
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  • The introduction of the two-pot retirement system led to the SARS tax service processing close to 2,500 withdrawal instructions on the first day of operation, according to the Daily Maverick.
  • Some fund administrators were reportedly fighting tech crashes and system issues as members of the funds were flooding admins with withdrawal requests. The first day of withdrawals amounted to ZAR 103mln – amounting to a ZAR 6.7mln contribution to the fiscus in one day.
  • PMI data takes focus ahead, with the all-sector number last at 49.3 in July. BER Business Confidence numbers are set to follow at 1100BST.