Social Development minister Lindiwe Zulu has tabled the Older Persons Amendment Bill in parliament, introducing new age requirements and further protections for the country’s elderly.
Among the fundamental changes is the proposal to reduce the definition of ‘older person’ to 60 years of age – opening the door to further regulatory protections for older South Africans at a younger age. Under the current regulations, a person is considered an ‘older person’ from 65 as a man and from 60 as a woman.
The bill also offers additional rights and responsibilities for pensioners, including protection from physical and emotional abuse, from both family and caregivers. The bill comes as the country plans to introduce significant changes to its pension and retirement system in the coming months. The National Treasury has proposed introducing a two-bucket retirement system that will give struggling South Africans access to their retirement savings, could reduce immediate hardships and perhaps encourage a greater willingness to utilise retirement funds.
This will be accompanied by the requirement that the remaining two-thirds are preserved over the long term, which will improve retirement outcomes for the majority of fund members relative to the status quo.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Work underway to build two new universities in South AfricaThe Department of Higher Education and Training says it is making steady progress in its plans to develop two new universities in South Africa.
Read more »
South Africa to introduce new rules for self-driving carsThe Department of Transport plans to formalise rules around self-driving vehicles in South Africa as part of an official policy push.
Read more »
3 scenarios for load shedding in South Africa for the rest of the yearSouth Africa’s energy supply appears to be worse than previously anticipated and is already on track for another record year of outages, say economists at Absa bank
Read more »
Triple blow for households in South AfricaAs new petrol prices are announced for May, South African consumers are facing a higher cost of living.
Read more »
South Africa has until the end of the month to make a big petrol price changeWhile the adjusted fuel prices for May show a decrease in the cost of both grades of petrol, the Automobile Association (AA) has warned that much of this is being offset by government support.
Read more »
Volkswagen South Africa celebrates one-millionth export PoloThe landmark Polo is destined for the United Kingdom.
Read more »