Finance Minister Tito Mboweni has directed attention to the financial burdens of South Africans who are severely affected by the Covid-19 pandemic, saying that workers should be allowed to access a portion of their retirement funds.
Even though Mboweni is pushing for the matter to be finalised, he cautions that the money taken out must be used wisely.
“There is a matter which seems to be stuck somewhere in the system it has to do with making allowance for workers to have access to a percentage of retirement funds in this time of difficulty.
“It is a matter that has been discussed at Nedlac ad nauseam and I am now determined more than ever before to ensure that officials at the National Treasury and other relevant officials speed up this matter,” Mboweni said as per eNCA.
He further suggested that these workers can allocate the money to “finish off bond repayment [or] whatever debt they are in,” warning that it has to be used for “purposes of relief.”
According to News24, Mboweni adds that “Government continues to engage with trade unions, regulators and other stakeholders to discuss how to allow limited withdrawals linked to tightening preservation by closing current loopholes.”