In line with expectations that debt repayment would be a key reason for requesting Two-Pot withdrawals, one of the two main reasons claimants gave for needing extra cash was to settle short-term debt. The other was to cover home or car expenses. That's according to the Discovery Corporate and Employee Benefits’ pension and provident fund business. T
Today, the President signed the Pension Funds Amendment Bill into law, following his signing of the Revenue Laws Amendment Bill last month on 1 June 2024. This means that all prerequisites for SA’s new Two-Pot retirement system to take effect from 1 September 2024 have successfully been concluded. Visit https://www.discovery.co.za/business/two-pot-retirement-portal - a Two-Pot info hub for more
With July being national savings month in South Africa it’s worth remembering that beyond providing access to retirement savings in cases of emergency, the long-term intention of Two-Pot is to improve the country’s retirement outcomes by keeping South Africans in work and saving more, for longer.
With the President signing the Revenue Laws Amendment Bill into law on 1 June 2024, this means the signing of the Pension Funds Amendment Bill is imminent, and the Two-Pot retirement system is confirmed to roll out as proposed on 1 September 2024.
As the world starts putting COVID-19’s high mortality claims behind it, the insurance industry is battling a wave of uncertainty. While Discovery Employee Benefits paid a total of R1.94 billion in death and disability claims through its Group Risk benefits between 1 July 2022 and 30 June 2023, the group affirms that it’s been very complicated to predict death and disability claims in the period.
While the worst appears to be behind us in terms of the climbing infections, high death rates and the economic impact of the global coronavirus outbreak, deaths due to cardio-metabolic (heart and nervous system) and cancer-related conditions are now strikingly high in this post-COVID world. This is according to annual Group Risk claims data released by Discovery Employee Benefits.