South Africa’s union welcomes President’s decision to sign the Pension Funds Amendment Bill into law

S.A union, Cosatu has welcomed president Cyril Ramaphosa’s decision to sign the Pension Funds Amendment Bill into law. The amendment will allow fund members to withdraw a part of their pension fund savings before retirement. Contributions will be divided into two pots, one-third that can be drawn on before retirement, and a second pot that preserves two-thirds of savings on retirement. Cosatu’s spokesperson, Matthew Parks, says this will provide invaluable relief to millions of workers and their families who are drowning in debt: