South Africa plans to introduce a new pension system in 2024, inspired by Australia, Chile, and Singapore.

South Africa is introducing a new pension system in 2024, inspired by successful models in Australia, Chile, and Singapore. The new rules require individuals to retain a portion of their retirement savings, only accessible upon retirement, aimed at driving economic growth and well-being. These countries have implemented compulsory pension schemes that have contributed to their economic development, with Chile's pioneering model of privatized, fully funded pension schemes and Singapore's Central Provident Fund providing for retirement and various financial needs.

August 26, 2024
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