South African President Cyril Ramaphosa signs law that changes the rules for pension funds
The main purpose of this law is to make pension savings more flexible and accessible to pensioners
According to the law signed by South African President Cyril Ramaphosa, from September 1, 2024, pension funds will be divided into two parts: accumulative and pension. This is reported by Prensa Latina, a partner of TV BRICS.
The accumulative part will account for one-third of all contributions and will be available for withdrawal at any time without any restrictions. The pension part (two-thirds of contributions) will be used to pay a life annuity upon retirement.
The innovation allows employees to withdraw part of their savings before retirement. This can be useful for financial problems such as paying for education, medical treatment, or buying a home.
However, to avoid rash spending, there is a limit: no more than R2,000 (about US$109) can be withdrawn in one year.
This law is intended to improve the lives of workers by giving them more control over their retirement savings.
Photo: iStock
-
![]()
Society04.09.26Final of ArtMasters Open international creative competition to bring together representatives of 25 countries in Russia -
![]()
Society03.09.26World-renowned international nuclear research centre to present its work on TV BRICS -
![]()
Society01.09.26SCO leaders sign Bishkek Declaration -
![]()
Society30.08.26BRICS News Digest for the previous week -
![]()
Society29.08.26UAE archaeological discoveries shed new light on ancient human history -
![]()
Society28.08.26Vietnam develops silver economy focused on older people
-
![Vladimir Putin]()
Vladimir PutinPresident of Russia"We are developing mutual trade, which is growing; it increased by over 12 per cent last year. We have a joint commission working in this sphere. Our focus is on agriculture, shipbuilding, information technology and energy, including nuclear power. We have signed a free trade agreement between the Eurasian Economic Union and Indonesia. Jakarta is our reliable and old friend within ASEAN. We are working together at all international platforms, including the UN" -
![Vladimir Putin]()
Vladimir PutinPresident of Russia"More and more Iranian students are choosing Russian education. We are very pleased about this. A great many future doctors are studying in Russia. In the 2025–2026 academic year, the number of Iranian students in Russia approached 10,000, with 802 of them studying at the expense of the Russian state budget" -
![Xi Jinping]()
Xi JinpingPresident of the People’s Republic of China"The foundation of our bilateral relations will only grow stronger, and we will confidently move forward to a better future. […] The striving of nations on our planet for peace, development, cooperation and mutual benefit remains unchanged. The vital mission of the Shanghai Cooperation Organisation is to maintain stability and promote the development of our region" -
![Alisher Salomov]()
Alisher SalomovAdviser to the Chairman of the National Committee for Ecology and Climate Change of the Republic of Uzbekistan"First and foremost, I would like to highlight the importance of this Central Asia–Russia initiative, because environmental problems know no borders, and only a shared understanding of these problems and the search for joint solutions can deliver positive results" -
![Joao Paulo Capobianco]()
Joao Paulo CapobiancoBrazilian Minister of the Environment and Climate Change"The BRICS countries have a very high level of responsibility because they share an important part of the world's biodiversity, landscapes, populations, food production and water resources. So, we have an opportunity to lead by example. We have our development bank, which can demonstrate and develop new ways of financing programmes. We can reduce the risks for private capital to invest in restoration and efforts to combat desertification"
