Prescribed assets will benefit black people, like they benefited whites under apartheid – Shivambu

[C4Cat]

What?

The apartheid government had maintained the policy for 33 years (between 1956 and 1989).

 

[RaptorSA]

Well as you long as you keep those "benefits" very far away from my white snow-chimp ass you f**ing mouth breathing troglodytic tosser.
F0kken tweedhandse k@khuis kiem kommie kontsak.

 

[SaiyanZ]

This would make sense if they took only black people's pensions. If that's what they want then go ahead.

 

[HunterNW]

Well as you long as you keep those "benefits" very far away from my white snow-chimp ass you f**ing mouth breathing troglodytic tosser.
F0kken tweedhandse k@khuis kiem kommie kontsak.

Good one

 

[RaptorSA]

Good one

Thanks.
I'm having one of those days where I feel like dragging a communist through the streets behind a Nissan Micra.

 

[R13...]

Okay so it was a bad idea then and will be worse now.

Back then, the apartheid government forced retirement funds to invest 53% of retirement funds assets in sovereign or parastatal bonds, along with 33% of life companies and 75% of Public Debt Commissioners’ (now known as the Public Investment Corp, or PIC) money.
He says that at the system’s worst, in the 1970s, prescribed assets gave an annual return four percentage points below inflation and 17.2% behind equities.

 

[HunterNW]

Thanks.
I'm having one of those days where I feel like dragging a communist through the streets behind a Nissan Micra.

When your done - tie him behind my Nissan. I'll go for a 4x4 run.

 

[The_Right_Honourable_Brit]

Surely the EFF don't want to be caught trying to imitate the apartheid government?

 

[The Darkness]

The solution is easy; just don't invest locally anymore, don't take out an RA, and stop putting money into entities that support this. An RA is not a good idea regardless, and is mostly used as a package discounted corporate incentive that you have no control of regardless. Just take control of your money and invest offshore. 80% of it if possible. Stay clear of long term local investments as well, like property etc for the time being.

 

[Cray]

Great idea, let's emulate things that happened under apartheid....

 

[HunterNW]

The solution is easy; just don't invest locally anymore, don't take out an RA, and stop putting money into entities that support this. An RA is not a good idea regardless, and is mostly used as a package discounted corporate incentive that you have no control of regardless. Just take control of your money and invest offshore. 80% of it if possible. Stay clear of long term local investments as well, like property etc for the time being.

Problem is us dudes working for big companies. No choice.

 

[The Darkness]

Problem is us dudes working for big companies. No choice.

Surely you can decline an offer of an RA in favour of your own choice of investment? Otherwise it's a false benefit. RA's by law can't be cashed out before being 55 years old too.

 

[ToxicBunny]

Great idea, let's emulate things that happened under apartheid....

Especially when those things were a fscking monumental trainwreck...

 

[RonSwanson]

I think prescibed assests back then were worth more than it's now ?

Dis waar, maar hulle het maar ook geskep...

 

[Jola]

Odd that it hasn't occurred to these benighted souls that not every policy and action under apartheid was wise, prudent and beneficial. In fact, some really idiotic and harmful things were done by the apartheid government. Prescribed assets is just one of them.

Yeah, they just don't seem to get this.

 

[R13...]

Yeah, they just don't seem to get this.

Doubt they're arguing from that PoV, they're thinking white people are opposed to this but endured it for over 3 decades during the previous regime. They're unfortunately unable to think further their racist policy noses.

 

[Mista_Mobsta]

Must really irk the populace to think our esteemed trough feeders are resorting to an apartheid policy to "restore SA's dignity"
It's almost like the esteemed revolutionaries themselves can't come up with any original working plans so they resort to adopting colonialist tendencies....

Ahhh the irony...

 

[Jopie Fourie]

Surely you can decline an offer of an RA in favour of your own choice of investment? Otherwise it's a false benefit. RA's by law can't be cashed out before being 55 years old too.

It can. But, you have to emigrate and apply for financial emigration. It will then pay out, but you will pay around 39% on taxes. So, depending on how long you have contributed, this may well be an option. 61% is still better than nothing.

 

[The Darkness]

It can. But, you have to emigrate and apply for financial emigration. It will then pay out, but you will pay around 39% on taxes. So, depending on how long you have contributed, this may well be an option. 61% is still better than nothing.

Absolutely zero point in contributing to an RA then

 

[Jopie Fourie]

Absolutely zero point in contributing to an RA then

This way or that way.... does not really matter. 20 years ago we never thought that it was the ANC's plan to go the Zim route, else all our money would have gone out of the country by 1994 already. That being said, the day the ANC touches prescribed assets, you WILL lose your life savings. You will never, ever see a single cent of it ever again. So, considering the position we find ourselves in today, pointless or not, best is to get your money out of the country before the hungry vultures get their hands on it, even if it means you will not get out everything.