National social security fund: A big plan set up to fail

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The national social security fund will provide pensions to formal, informal and self-employed workers who reach retirement; disability benefits to those who are physically unable to work; and survivor benefits to dependants should a worker not live until retirement. Photo: iStock
The national social security fund will provide pensions to formal, informal and self-employed workers who reach retirement; disability benefits to those who are physically unable to work; and survivor benefits to dependants should a worker not live until retirement. Photo: iStock

BUSINESS

Last week the department of social development issued a green paper on comprehensive social security and retirement reform, outlining a superfund that will provide retirement, disability and income support to all South Africans.

It is an attempt to address the fragmented current social security system that is a combination of private retirement and insurance funds, a grant system, unemployment insurance and injury benefits such as the Road Accident Fund and worker compensation funds.

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