South Africa’s retirement income system comprises a means-tested public pension and tax-supported voluntary occupational schemes.
The overall index value for the South African system could be increased by:
- increasing the minimum level of support for the poorest aged individuals
- increasing the coverage of employees in occupational pension schemes thereby increasing the level of contributions and assets
- introducing a minimum level of mandatory contributions into a retirement savings fund
- increasing the level of preservation of benefits when members withdraw from occupational funds
- introducing a requirement that part of the retirement benefit from provident fund arrangements must be taken as an income stream (this requirement currently only applies to pension funds and retirement annuities).
|The South African index vaue fell from 53.4 in 2015 to 48.6 in 2016 primarily due to a correction in the level of household savings.|
|The South African index value decreased slightly from 54.0 in 2014 to 53.4 in 2015 due to a number of small changes.|
|New to the Index|