Mboweni Asks For Workers To Access Portion Of Retirement Fund

The Finance Minister requests for South African workers to have access to a portion of their retirement fund in difficult times.

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Tito Mboweni, the Finance Minister, made the request during a press briefing on Wednesday. The briefing took place where Mboweni and the National Treasury availed the country’s Economic Support Package during COVID-19 restrictions and public unrest in Gauteng and KwaZulu-Natal.

“It's a matter which has to do with making an allowance for workers to have access to a percentage of their retirement funds in these times of difficulty,” said Mboweni.

Mboweni aims to encourage the National Treasury to “speed up this matter”.

The Finance Minister believes that by allowing workers access to a percentage of their retirement funds, they may be able to settle bond repayments or settle their debt.

“But I must warn at the same time that people must ensure that they use this facility for purposes of relief and also making better their own situation,” said Mboweni. 

The package has been presented to Parliament as per legislative requirements.

When money is being appropriated for one purpose or the other, procedures and process need to be followed. The Finance Minister is responsible for implementing these procedures and processes. 

“To that extent, we have to approach Parliament as well, in one form or the other, in order for these appropriations to be fairly and fully within the legal system”, said the Minister.

Mboweni stated the importance of ensuring that the package is funded within “currently available resources”.

“We are not going to be going for borrowing, at all.  I think that must be clear. This is not in any way going to include or increase our borrowing requirement. We will obviously make sure that where needs be, in terms of the package of measures,” said Mboweni.

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