Ina Opperman
Business Journalist
5 minute read
19 Aug 2021
7:20 pm

Are you prepared to contribute another 12% of your salary?

Ina Opperman

Tax rebates will replace social assistance entitlements for families who earn more than the tax threshold.

Image: iStock

Are you prepared to contribute another 12% of your salary to a fund backed by government that will provide for your retirement, disability benefits and unemployment benefits? Although we will all balk at the idea, it has now become a discussion in a Green Paper published by the department of social development. The Green Paper on Comprehensive Social Security and Retirement Reform proposes a new National Social Security Fund (NSSF) that will initially make it mandatory for all employers and employees to contribute up to 12% of their earnings depending on how much they earn. If you earn more than...