What is the new pension age? 2023-2024
What is the new pension age? 2023-2024
Currently, in South Africa, the pension age is 60 for women and 65 for men. However, there have been discussions and proposals to increase the pension age in order to address concerns about the sustainability of the social security system.
- In 2020, the National Treasury released a discussion paper on social security reform, which proposed a number of changes to the social security system, including the pension age. The paper suggested that the pension age should be gradually increased to 65 for women and 70 for men by 2050. This proposal is based on the projected increase in life expectancy in the country, which means that people are living longer and spending more years in retirement.
- However, the proposal to increase the pension age has been met with mixed reactions. Some argue that increasing the pension age would help to address the funding challenges facing the social security system, and would encourage people to work for longer and contribute to the economy. Others argue that it would be unfair to increase the pension age, particularly for those who work in physically demanding jobs and may not be able to work until a later age.
- It is important to note that any changes to the pension age would require legislative amendments, and would likely be implemented gradually over a number of years. This means that individuals who are currently approaching retirement age would not be affected by any immediate changes to the pension age.
- In the meantime, it is important for individuals to plan for their retirement and consider all of their options for generating income in their golden years. This may include making additional contributions to a retirement savings account, investing in assets that generate income, or exploring part-time work or entrepreneurship.
Overall, while there have been proposals to increase the pension age in South Africa, the current pension age remains 60 for women and 65 for men. It is important for individuals to plan for their retirement and consider all of their options for generating income, in order to ensure financial security in their golden years.
SOCIAL GRANTS
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Care Dependency Grant
Child Support Grant
Disability Grant
Foster Child Grant
Grant-In-Aid
Older Persons Grant
Social Relief of Distress
War Veterans Grant
Visit the SRD website at
- Email: srd@sassa.gov.za
- USSD: *134*7737#
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