BRICS LIFE

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TV BRICS INSIDE

03.07.2612:00 Society

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22.07.24 11:45

Society

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However, to avoid rash spending, there is a limit: no more than R2,000 (about US$109) can be withdrawn in one year.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

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Prabowo Subianto

President of Indonesia

"This roadmap sets the framework for our joint efforts. Indonesia and Belarus have great potential for expanding cooperation in various fields. Our cooperation will focus on industrial development and agricultural modernisation. In industry, we see a major opportunity to increase trade volumes, investment, and cooperation between our two countries. We are also pushing for closer collaboration in culture and human resource development"

Liao Fan

Director of the Institute of World Economics and Politics at the Chinese Academy of Social Sciences (CASS)

"We also encourage countries of the Global South to work together and contribute to the global economy. We also call on developed countries to set aside issues such as national security and strategic competition when we are discussing real global challenges – pressing issues such as public health or poverty reduction – so that development resources can be channelled truly effectively to those countries that need them. [...] Major powers and large countries must bear greater responsibility for the well-being of people around the world. This is the responsibility of the major powers"

Anutin Charnvirakul

Prime Minister of Thailand

"Russia has been a trusted friend of Thailand for over a century. […] Next year, we will mark the 130th anniversary of the establishment of diplomatic relations between our countries. We will commemorate this important milestone with high-level exchanges, thereby reaffirming our shared commitment to an even stronger partnership for the benefit of our peoples"

Ferdinand Marcos

President of the Republic of the Philippines

"First, peace, security and stability. [...] We need our joint efforts to contribute to peace and security and to respond promptly to all threats. Second, a more dynamic economic partnership. Our areas of cooperation in trade are developing. We need to act more ambitiously and decisively in order to facilitate trade, economic flows and the expansion of the business community. [...] And third, perhaps one of the most important areas, is our peoples, grants, student exchanges, academic partnerships and tourism. [...] The relationships that are being built between our countries are reflected in the summit declaration, and they provide what policy alone cannot achieve"

Anwar Ibrahim

Prime Minister of Malaysia

"The relations in the last few years have been remarkable. We have seen impressive development, and my visit was – you were fantastic. We see the enormous role that Russia can play not only in Malaysia but also in the developing world, ASEAN and the rest. We are exploring this halal economy and finance. We are now almost finishing the visa abolition arrangement. [...] And then you have also agreed to these flights for tourism, for trade, and connectivity between Malaysia, Moscow, Kazan, and other cities in Russia"

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