The African Christian
Democratic Party has welcomed the clarity that has been provided regarding
retirement reform proposal.
ACDP MP Steve Swart said it
is important to note that workers are to be encouraged to preserve their
savings until retirement but the question is whether workers are cashing out
their pension and provident savings early.
Swart said the challenge is that even if South Africans save,
mainly through their retirement funds, they are very quick to withdraw and
spend their retirement savings when they change jobs.
“This
leaves most of us vulnerable in our retirement as we would not have accumulated
enough savings to retire comfortably Swart added.
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