New govt plan wants South Africans to pay 12% of their earnings into state-managed fund

[Hamster]

New govt plan wants South Africans to pay 12% of their earnings into state-managed fund | Business

The Green Paper on Comprehensive Social Security and Retirement Reform proposes the creation of a new National Social Security Fund (NSSF) - a government-managed fund which will provide retirement, disability benefits and unemployment benefits.

www.news24.com

All employers and employees will initially be obliged to contribute up to 12% of qualifying earnings, up to a ceiling, which is currently proposed as R276 000 per year. This means South Africans will pay up to R2 760 a month to the fund.

 

[Hamster]

This will go down well...

 

[rvZA]

The ANC and government can f**k right off!

I can't afford to pay 1% of my salary to more taxes, let alone 12%.

 

[netstrider]

Hahahahahahahahahaha

 

[Sinbad]

 

[RedViking]

But our tax is already paying for all of this?

Hoe nou?

 

[pinball wizard]

New govt plan wants South Africans to pay 12% of their earnings into state-managed fund | Business

The Green Paper on Comprehensive Social Security and Retirement Reform proposes the creation of a new National Social Security Fund (NSSF) - a government-managed fund which will provide retirement, disability benefits and unemployment benefits.

www.news24.com

Oh, you double poster you...

Government’s plan to give basic income to everyone in South Africa – and it wants tax hikes to fund it

Lindiwe "jeenja" Zulu

mybroadband.co.za

 

[backstreetboy]

South Africa proposes a mandatory pension system – here’s how much it wants you to pay

South Africa proposes a mandatory pension system – here’s how much it wants you to pay Minister of Social Development, Lindiwe Zulu, has published a Green Paper on comprehensive social security and retirement reform for public comment. It includes a mandatory pension and insurance system.

mybroadband.co.za

Foreigner posting about SA issues.

 

[BBSA]

Fantastic, so now I don't have to look after myself.

 

[DapperDanMan]

But ... but that's two percent more than even Jesus gets!!!

 

[WAslayer]

Tell you what, Mr government:

Take my existing tax that I am already paying you every year and take 12% from that..

 

[Medres]

Mother's horse, the way funds go missing and stolen there is no way in hell this is going to work. Gov is truly out of touch with the population, adding 12% tax is just going to increase poverty levels.

 

[Sideshow Bob]

What are the chances of this turning into reality ? Or should we just budget for 2760 cut now - that is what looks to be the ceiling based on this.

All employers and employees will initially be obliged to contribute up to 12% of qualifying earnings, up to a ceiling, which is currently proposed as R276 000 per year. This means South Africans will pay up to R2 760 a month to the fund.

 

[Flanders]

Someone's scraping crumbs at the bottom of the cookie jar.

 

[Hamster]

Oh, you double poster you...

Bah, I did check if it was already posted. Not my fault if MyBB cannot come up with punchier headlines

 

[Pineapple Smurf]

This means South Africans will pay up to R2 760 a month to the fund.

 

[NarrowBandFtw]

But ... but that's two percent more than even Jesus gets!!!

not bragging or particularly proud of this, but Jesus doesn't get a cent

maybe someday, if I happen to be in Tijuana and the high class hooker I'm eye-ing has a pimp named Jesus

... and either of those Jesus' deserve money before the corrupt cnuts known as the ANC is even a fleeting thought of places where I should be pissing my money away

 

[NarrowBandFtw]

Someone's scraping crumbs at the bottom of the cookie jar.

you know the ANC motto: once you hit rock bottom, bring out the jackhammer!

 

[Mystic Twilight]

This will go down well...

Indeed it will go down well...into someone's pocket.

 

[DreamKing]

which is currently proposed as R276 000 per year. This means South Africans will pay up to R2 760 a month to the fund.

I don't get it ....
R2760 x 12 = R276000?

or

R276000 / 12 = R2760?

or

1 year = 100 months?