Proposed state-run pension fund unsustainable, too costly – report

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Debate around the proposed state-run pension fund is fierce. Photo: iStock
Debate around the proposed state-run pension fund is fierce. Photo: iStock

BUSINESS

The National Social Security Fund (NSSF), to which all working South Africans will probably have to contribute, will be worth about R1.215 trillion according to early estimates, but this is only a fraction of the money that will flow through the fund, the report says.

Many experts told City Press this week that this is the first time they have seen this estimate. The report gives the amount as R533 billion in 2006 rand terms. Adjusted for inflation for this year, this amounts to R1.215 trillion.

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