Desperate South African workers are ‘resigning’ to get access to retirement funds – but SARS is taking note

[BusinessTech]

Desperate South African workers are ‘resigning’ to get access to retirement funds – but SARS is taking note

Momentum Corporate’s multi-employer umbrella fund, FundsAtWork, has received a number of requests from participating employers to allow members to resign 'artificially' to get access to their retirement savings.

 

[The_Librarian]

ouch

 

[Kosmik]

Sars will tax as norm on any retirement fund withdrawals, nothing new here.

Requires tax directive for any form of release.

 

[akescpt]

and all those new taxes still to be rammed up employees arses..imagine the situation then...

 

[My_King]

"as SARS views this type of transaction a serious violation of the Income Tax Act,” he said."

Boo hoo

 

[PsyWulf]

This is why state's mandating higher and higher % to remain in funds until retirement age. Guys used to "resign" for the weekend to get their money

 

[The_Librarian]

I'm wondering when will the camel's back break. Things cannot keep on continuing like they are, sooner or later something gotta break.

 

[Thugscub]

The sooner the better.

 

[grok]

SARS is like Zuma, thinks it king of us, but its actually just a pathetic extension of an even more pathetical corrupt state.