The Congress of South Africa’s Trade Unions (Cosatu) General Secretary, Solly Phetoe says the affiliation is working with the National Treasury, the Financial Sector Conduct Authority (FSCA) and pension funds at Nedlac to ensure a smooth implementation of the two-pot system on September 1.
The two-pot retirement system is confirmed to rollout on September 1 when workers will be able to access 10% or up to R30 000 of their existing pension funds.
Phetoe says Cosatu condemns anyone that spreading misinformation regarding the two-pot system.
He says, “We strongly condemn those employers and pension funds who are confusing workers with misinformation as we prepare for the implementation of the two ports pensions reforms, we are working closely with the treasury, the financial sector conduct.”
National minimum wage
Phetoe says the federation welcomes the increase in the national minimum wage of 8.5 % to R27.58 an hour.
He says this is a victory, benefiting millions in sectors such as farming, hospitality and construction amongst others.
In February, former Employment and Labour Minister Thulas Nxesi announced the new national minimum wage determination which went up from R25.42 for each ordinary hour worked.
Phetoe says, “Whilst we celebrate this victory, we must remain deeply concerned about scarce, of course, delinquent employers who are still paying workers less than the national minimum wage. Cosatu will work closely with the Department of Employment and Labour to force these employers to comply.”
