The African Transformation Movement believes that the R30,000 withdrawal limit from the two-pot retirement system is not enough.
The two-pot retirement system took effect on September 1, 2024, and would allow South Africa ns to withdraw from their savings every year.ATM said that the the current limit on pension withdrawals,“The implementation of the government's two-pot retirement system poses significant risks to workers already struggling under the weight of debt.
Zungula said that South African workers may find themselves facing substantial tax liabilities not only from the withdrawal itself, but also from potential increases in their taxable income brackets.
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