The South African pension system needs reform and cannot stand against some of the world’s leading programmes, according to a global study on how nations are preparing their aging populations for retirement.
, receiving praise for being well governed and providing strong benefits for retirees, including a generous state pension. The second and third spots went to the Netherlands and Denmark, respectively.South Africa received a C-grade, indicating that its pension system has some good features but also risks and shortcomings that should be addressed.
The paper had proposed that all South African earners pay up to 12% of their income into a government-managed investment fund. The proposed National Social Security Fund would have provided for retirement, disability benefits and unemployment benefits to all South Africans. Henry said gender differences in pensions were a strong reminder that unequal pay and limited job opportunities for women had ramifications over many years.
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