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Union Frustration Over Pensions May be SA's Next Major Protest Concern

SOUTH AFRICA
  • Union Cosatu is seeking an urgent meeting with FinMin Godongwana to express frustrations over Treasury's decision to deny public servants' early access to their pensions.
  • Meeting is also meant to compel Parliament to draw up a bill that will ensure that workers can access a portion of their pensions.
  • The move to allow workers early access to their pensions was part of govt's response to the financial constraints caused by the Covid-19 pandemic. Prior to the decision a worker could access their pension on resignation, retrenchment or retirement.
  • Cosatu spokesperson Sizwe Pamla said the decision offended public servants who have also been experiencing financial challenges because of the pandemic.
  • According to the SARB, almost 73.7% of household income is spent on debt while consumer spending contributed 60% to the economy. Last year the SA Human Rights Commission revealed that over 50% of South African credit-active consumers were over-indebted.
  • Analysts warn this could be the next source of social discontent after wage agreements ended in a net gain for govt - IOL News
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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