President Cyril Ramaphosa signed into law two new bills on Saturday as the ANC was set to lose its majority in parliament with its vote tally in Wednesday's election at 40.21%.
Ramaphosa signed into law the Revenue Laws Amendment Bill, which will enable people with retirement fund plans to access savings without having to resign or cash out their entire pension.
“Individuals will have access to amounts in the savings component before retirement for times of financial distress, and the amounts in the retirement component are preserved until retirement,” the presidency said.
“The primary objective of the two-pot retirement system is to provide flexibility for fund members to access their retirement savings during emergencies, without necessitating resignation.”
Ramaphosa believed the legal changes to the retirement fund laws would assist people in financial distress.
“While we are continuing the task of growing our economy to create more opportunities for all South Africans and reduce the financial vulnerability affecting many individuals and households, the new retirement system offers protection and dignity to those who need it the most to overcome financial stress.”
When the presidency made the announcement on Saturday afternoon, the ANC was struggling to retain its majority after 99.51% of the votes in Wednesday's elections had already been counted. The governing party had 40.2% of the national vote.
Ramaphosa also signed into law the South African Institute for Drug-Free Sport Amendment Bill. This relates to anti-doping policies in sports.
The presidency said the amended bill was in line with the World Anti-Doping Agency’s (WADA) policies.
“The legislative amendment also clarifies the powers of SAIDS. The SAIDS has a major role to play in preventing the use of prohibited substances in the South African and international sporting environment that are contrary to the principles of fair play and the health and wellbeing of athletes.”
TimesLIVE
Ramaphosa signs two bills as ANC takes a hit at polls
Image: GCIS
President Cyril Ramaphosa signed into law two new bills on Saturday as the ANC was set to lose its majority in parliament with its vote tally in Wednesday's election at 40.21%.
Ramaphosa signed into law the Revenue Laws Amendment Bill, which will enable people with retirement fund plans to access savings without having to resign or cash out their entire pension.
“Individuals will have access to amounts in the savings component before retirement for times of financial distress, and the amounts in the retirement component are preserved until retirement,” the presidency said.
“The primary objective of the two-pot retirement system is to provide flexibility for fund members to access their retirement savings during emergencies, without necessitating resignation.”
Ramaphosa believed the legal changes to the retirement fund laws would assist people in financial distress.
“While we are continuing the task of growing our economy to create more opportunities for all South Africans and reduce the financial vulnerability affecting many individuals and households, the new retirement system offers protection and dignity to those who need it the most to overcome financial stress.”
When the presidency made the announcement on Saturday afternoon, the ANC was struggling to retain its majority after 99.51% of the votes in Wednesday's elections had already been counted. The governing party had 40.2% of the national vote.
Ramaphosa also signed into law the South African Institute for Drug-Free Sport Amendment Bill. This relates to anti-doping policies in sports.
The presidency said the amended bill was in line with the World Anti-Doping Agency’s (WADA) policies.
“The legislative amendment also clarifies the powers of SAIDS. The SAIDS has a major role to play in preventing the use of prohibited substances in the South African and international sporting environment that are contrary to the principles of fair play and the health and wellbeing of athletes.”
TimesLIVE
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