vavi need our support,he's right this new pot is a scam,if you lose your job after some years from the 1st,you only gonna get excess to savings only& you'll suffer until you get your retirement at the age of 55.This system dont benefit those who works at factories especially the metal industry,its not possible to work until retirement in that sector.
Amazingly NO ONE saying not all of us will make it to retirement age due to crime in this country. My personal view is that I want to be happy now and enjoy my life now… rather than plan for retirement that is not promised…
My views too. It should be a choice, those that want to wait until 65 yrs old. Thats ok, but some of us.. we want it now. Also if the economy was booming, none of us would touch that money. So fix economy instead of trapping us
Amen. My view as well. Nowadays people die just a few months before or after retirement. We must get this money while we still have a need and use for it
Great mentality until your bothering other people because you didn't live and spend wisely 😅.... Life is about balance. U can't spend every cent that comes your way because you might die tommorow... Anyway to each their own 😢😢
@@mbhonimongwe3994 we look at life differently my friend some of us know that we are in transit while on this planet and we are not planning for the future that is not guaranteed
@@hoseam4537 true @tibozx963 you can't fix a bad financial decision that lead to debt with another bad financial decision by giving full access to retirement savings.
you can't fix bad financial decisions or circumstances that lead to debt with another bad financial decision by giving full access to retirement savings. Tighten belts, get savvy, sacrifice the medium term for the long run.
@@mokatct5752we get retrenched, it's not a bad financial decision, it's not by choice. I personally have to wait 17 years to access my retirement while my child suffers, how is this helpful?PLEASE PLEASE EDUCATE ME
The idea that you can’t access your money till a particular age is straight bullshit. My sister got pushed out of the Reserve Bank over a unethical vindictive superior and she left with a little over a million and she used that to pay off her two properties and car so they don’t get repossessed. You’re now telling me had that happened to her in a year from now she wouldn’t be able to access that money at all and she’d have to lose her assets while seeking a job elsewhere? That’s outright nonsense.
When that woman said that factory workers earn 10 K, I knew how out of touch she is. Respects to Mr. Vavi, he spoke facts. The government wants our money. The fact that they will tax that money is immoral, Mr. Vavi put it perfectly. You want to withdraw those funds, only to find out that you owe SARS 30K, you end up with nothing
The two pot system is not needed. Government has made this decision on behalf of the working class. They need to stop this two pot system immediately. Retirement is Retirement and saving s. Savings is money not spent on a monthly basis that you willing put aside. This a huge lie. No one wants this nonsense
I started a three day fast this morning. Thank you for this message.i'm 47yrs old $73,000 biweekly and I'm retired, this video have inspired me greatly in many ways!!!!❤️❤️
YES!!! That's exactly her name (Kate Elizabeth Becherer) so many people have recommended highly about her and am just starting with her 😊 from Brisbane Australia🇦🇺
Government push us to do money laundering that money they talk about was taxed already now they tax it again so lets stop saying that money its 30k because it will be stripped off
Mr vavi is spot. Am surprised no 1 touched on Bond or car repayments after loss of employment. A lot of ppl will lose their houses and cars while they wait for retirement age to be paid. Business wins again. Try enjoying that without a roof over your head.
Mr Vavi do understand this, you are just employees to fulfill the mandate. It won't even last. Don't think we are all aiming to retire in this corrupt country. I repeat this is nothing. Government is worried that it won't be able to pay people who intend to leave at early age.
To the courageous EFF ground forces, your unwavering dedication to the fight for economic freedom and social justice is the backbone of the revolution. Keep pushing forward, undeterred by obstacles, and know that your efforts will shape a brighter future for all. Long live the brave souls who dare to challenge the status quo! Long live the visionary leadership of the EFF, guiding the masses towards a more equal and just society! Long live President Julius Malema, a true champion of the people, whose fearless voice echoes the aspirations of the marginalized and oppressed! Together, you are the change-makers, the trailblazers, and the heroes of our time. Your collective efforts will forever be etched in the annals of history as a testament to the power of resistance and the unrelenting pursuit of a better world for all.
Anyone who thinks the government was assisting them are stupid. These ladies are not even helping except trying to peddle what they are sent to do. Why would I worry about long term if they are trying to assist us today.
So if you are employed after 01 Sep. Then e.g you buy a car and a house. Then unfortunately you lose your job after 5 years, it means you will lose everything because you can't get your lump sum pension that can help to settle.?
Its all a lie...we r deceived bcs the point is after tax and admin as said u endup with less, now question is where is 30k??? Its not fair our goverment failed us and we seee we not sleeping
@@phantsi_Nonsense, people are not paid enough, salaries increase always below inflation stupid, people can't keep up with bonds and car installments 😢😢😢
During covid 19 ,small business got assistance 8n the form of relief funds, but the employee go nothing, why i don't understand. What the government should have done is to give employees this money tax-free .
I'm not sure if there are people who will be assisted by this system. Some of us, our debts are more than 30k. Thanks Mr Vavi, what happens if your company gers liquidated. Don't tell me to save anyone.
The greatest winner of the 2 pot system will be the South African government, they have just created another tax base as withdrawals are based on a marginal tax rates, yes it will help preserve retirement funds, but people will withdraw for reason other than emergencies, its a trap
I don’t want to withdraw. My economic situation is forcing me to make this withdrawal. I need the money because I’m currently unemployed. The plan is to take this as a loan and return it. My question is how do I access my money, when do I get the money into my bank account?
You can't even built a two rooms with this money. Old people must take early retirement to leave space for young South Africa., Not like in ANC those Madalas must retire. R30 000 is nothing. Reduce those parliamentarians. What's is the use of those Deputy ministers? What about those who stole millions of tax money and other big companies.
So what were the problem if employees were changing jobs to settle their debts? What is better to retire while have full furnished settled with less pension than bonded or no house no furniture but more pension?
This is a day robary, we want to leave this departments., where most of them are managed by people who even didn't study through those systems. What can you do with this amount? Allow as to take Our monies and invest them some where.. Government of Ramaphosa is rubbish
Savings are intended for short-term and emergency needs. Which an individual administered, not the government and neither the pension funds. Retirement accounts are designed for long-term goals like retirement. When you riches a certain age. This two pot system is not needed. Every individual need to make their own decision in this regard. Government should not interfere with the economy and citizens need to make their own decisions. This means that you loose 4 months of your pension service . And will result in people taking much longer to build up sufficient pension. What mess 😳
Greetings the two pot system will it be same asp uif whereby you do not draw and you expect your finance to be intact until you apply for uif .now it said it is too old to get your money however it is the money of the person who put the uif in .will it be when you come to draw it will be said there's a fault
heres a rough example..............i work i get paid say......r50000 a month gross.......r5000 goes for uif........r5000 goes for paye.....r5000 goes for pension fund.....r5000 goes for provident fund................the fact remains that these funds are being deducted from the main gross salary and all falls as deductions or tax........so now they want to tax again on the pension fund yet it was already deducted..................explain this to me as though im a 5 year old
Vavi is raising important issue, you shutdown the other guy when he had to respond on what Vavi is raising, you're not giving the guy an opportunity to respond, the show is approachingan end now. The issue is about the denial of access to our pension funds when we're no longer working until they're at retirement age, people will starve until they reach retirement age. At the age of 60, naturally, you're not capable to run your finances. We need all our pension money when we're still capable to handle our finances to properly invest for our families.
The withdrawal of our money is supposed to be subjected to withdrawal tax rate, from R1 to R55000 must be tax free, how is your taxable income rate (the marginal tax rate in this case) related to withdrawal from savings pot...thats BS...When you withdraw its going to reflect on your payslip and will most likely throw to another big tax bracket...its really difficult 😢😢😢😢😢😢.....why is retirement pot money taxed at retirement tax rate but withdrawal not taxed at withdrawal tax rate 😢
I need some more clarification. The part of tax is what I’m curious about is if I started working & my tax rate was 20% but by the time I retire I’m in the 40% tax rate when I resign how much tax do I pay? Is it based on all the different tax rates or do they just consider the tax bracket I’m in when I resign/retire?
They consider the tax bracket you fall within during the year of retirement... remember at retirement stage you are going to be subject to retirement tax rate (the lump sum you receive) and income tax rate( the annuity you receive monthly until you die or it finishes)... Hope I make some sense
Why you guys making en example only about the big salary prices what clue are you giving to these working like security,cleaners what do you think they will understand about these pots
Is it possible to privatise your retirement annuity? Rather than contributing why not let your employer/government contribute alone and your contribution you simply send it to a fixed deposit or the stock market. Not accessing your money till retirement age is outright nonsense.
Has government not depended on them when they were working? Are we not paying R10-20k/month on income tax for everyone who needs it? So cant gov give me R2-3k per month for fee years of my life?
South Africa it's jockey you know?😂 We have democracy, we have a freedom, 😂what kind of democracy and freedom is this? Where you are not free to get you own money that you worked for all this years? Who agreed to this? Was this discussion done? Employee must be given a choice and oprtunity to choose what they want and a system that can be changed when employee wants to change it
Listening to this whole thing for me was not beneficial at all, because it's like giving a platform to "EFF" and "da" wherever it's normal that a "da" is given a platform to put their point across without even addressing fundamental and root problems of the idea to the poor workingclass, the question of loosing the job early from whatever cause and waiting while starving to death while having your monies kept there, was at all cost avoided and put to bed period as always is the case when it comes to fundamental issues here at home.
People have to see this as emergency funding only. Retirement funding is never enough. Pension funding does not get annual increases. Whatever one retires on is what one has. Yet inflation continues. The biggest risk with this is that people may see it as discretionary money, rather than emergency money.
Wait till our people start paying lobola with their savings pot😂…car deposits, birthdays at Konje…I blew it is about to have a whole lot of new content coming up😂
Sars and government are the big winners
vavi need our support,he's right this new pot is a scam,if you lose your job after some years from the 1st,you only gonna get excess to savings only& you'll suffer until you get your retirement at the age of 55.This system dont benefit those who works at factories especially the metal industry,its not possible to work until retirement in that sector.
It's already happening, I am one of the victims
100% I work in that industry we survive while we await for work, this is only beneficial to perminent workers mxm
Amazingly NO ONE saying not all of us will make it to retirement age due to crime in this country. My personal view is that I want to be happy now and enjoy my life now… rather than plan for retirement that is not promised…
My views too.
It should be a choice, those that want to wait until 65 yrs old. Thats ok, but some of us.. we want it now.
Also if the economy was booming, none of us would touch that money. So fix economy instead of trapping us
Amen. My view as well. Nowadays people die just a few months before or after retirement. We must get this money while we still have a need and use for it
Great mentality until your bothering other people because you didn't live and spend wisely 😅.... Life is about balance. U can't spend every cent that comes your way because you might die tommorow... Anyway to each their own 😢😢
I concur with you
@@mbhonimongwe3994 we look at life differently my friend some of us know that we are in transit while on this planet and we are not planning for the future that is not guaranteed
How can one settle debt with 30k,dis lady is delusional
So you are assuming that people don't have debts that are less than 30k?
@@hoseam4537 true @tibozx963 you can't fix a bad financial decision that lead to debt with another bad financial decision by giving full access to retirement savings.
I agree with u
@@hoseam4537lol not adding a question to a question
My runx need 40k to fix it properly. So this nonsense system will not help me
They just needed a quick way to fund SARS
This system is not really responding to the need… People have debts exceeding 30 000….
I think Cde Vavi has a strong point on this pots. Why is this 30 000 taxed maar?
you can't fix bad financial decisions or circumstances that lead to debt with another bad financial decision by giving full access to retirement savings. Tighten belts, get savvy, sacrifice the medium term for the long run.
@@kagisosengari9517 0% tax would be great but that's a dream unfortunately.
True 30 000 only for school fees atleast 50 000 to 100 000 so we can pay our debts by the time we retire debts free
@@mokatct5752we get retrenched, it's not a bad financial decision, it's not by choice. I personally have to wait 17 years to access my retirement while my child suffers, how is this helpful?PLEASE PLEASE EDUCATE ME
The idea that you can’t access your money till a particular age is straight bullshit. My sister got pushed out of the Reserve Bank over a unethical vindictive superior and she left with a little over a million and she used that to pay off her two properties and car so they don’t get repossessed. You’re now telling me had that happened to her in a year from now she wouldn’t be able to access that money at all and she’d have to lose her assets while seeking a job elsewhere? That’s outright nonsense.
This is our nonsense, we voted for it.
When that woman said that factory workers earn 10 K, I knew how out of touch she is. Respects to Mr. Vavi, he spoke facts. The government wants our money. The fact that they will tax that money is immoral, Mr. Vavi put it perfectly. You want to withdraw those funds, only to find out that you owe SARS 30K, you end up with nothing
and most of them don't even have 300 000 in their provident fund. so they even get the R30k
The two pot system is not needed. Government has made this decision on behalf of the working class. They need to stop this two pot system immediately.
Retirement is Retirement and saving s. Savings is money not spent on a monthly basis that you willing put aside.
This a huge lie. No one wants this nonsense
Petition against the 2 pot system
I started a three day fast this morning. Thank you for this message.i'm 47yrs old $73,000 biweekly and I'm retired, this video have inspired me greatly in many ways!!!!❤️❤️
Excuse me for real?,how is that
possible I have struggling
financially, how was that possible?
Thanks to Kate Elizabeth Becherer
Her top notch guidance and expertise on digital market changed the game for me
YES!!! That's exactly her name (Kate Elizabeth Becherer) so many people have recommended highly about her and am just starting with her 😊 from Brisbane Australia🇦🇺
I have heard a lot of wonderful things about Kate Elizabeth Becherer on the news but didn't believe it until now. I'm definitely trying her out
Goverment is getting tax from your withdrawal, if u dont withdraw no extra tax for them.
If the government needs the tax they going to find a way to tax you regardless. Atleast this way you actually getting something in return
Government push us to do money laundering that money they talk about was taxed already now they tax it again
so lets stop saying that money its 30k because it will be stripped off
Mr vavi is spot.
Am surprised no 1 touched on Bond or car repayments after loss of employment.
A lot of ppl will lose their houses and cars while they wait for retirement age to be paid.
Business wins again. Try enjoying that without a roof over your head.
Dont do it guys!!!!! You needs all and more at retirement!!!!
Mr Vavi do understand this, you are just employees to fulfill the mandate. It won't even last. Don't think we are all aiming to retire in this corrupt country. I repeat this is nothing. Government is worried that it won't be able to pay people who intend to leave at early age.
To the courageous EFF ground forces, your unwavering dedication to the fight for economic freedom and social justice is the backbone of the revolution. Keep pushing forward, undeterred by obstacles, and know that your efforts will shape a brighter future for all.
Long live the brave souls who dare to challenge the status quo!
Long live the visionary leadership of the EFF, guiding the masses towards a more equal and just society!
Long live President Julius Malema, a true champion of the people, whose fearless voice echoes the aspirations of the marginalized and oppressed!
Together, you are the change-makers, the trailblazers, and the heroes of our time. Your collective efforts will forever be etched in the annals of history as a testament to the power of resistance and the unrelenting pursuit of a better world for all.
I see a lot of Domkop suffering in the future...It's called Retirement Fund for a reason !!
Why 2rd? Why not 1rthd? Or 50 - 50?
Don't ignore other side of the arguments. Even though I won't be withdrawing you can't ignore it.
Who are you referring as domkop ,you're smoking your underwear
Anyone who thinks the government was assisting them are stupid. These ladies are not even helping except trying to peddle what they are sent to do. Why would I worry about long term if they are trying to assist us today.
Workers dont hv representation.period..
So if you are employed after 01 Sep. Then e.g you buy a car and a house. Then unfortunately you lose your job after 5 years, it means you will lose everything because you can't get your lump sum pension that can help to settle.?
The pot system is nonsense.
Mr vavi question still remains, what is going to happen to those who will lose their jobs after 5- 7 years of this law
Poverty. If you have a financed vehicle or house ,repossession
Mr Vavi is spot on this pot mockery to our hardworking labour force...
How can you settle debt with R30000
Nd even that 30000 can stl be taxed
Its all a lie...we r deceived bcs the point is after tax and admin as said u endup with less, now question is where is 30k??? Its not fair our goverment failed us and we seee we not sleeping
Ur government didn't say go take out loans & drown yourself in debt.
@@phantsi_Nonsense, people are not paid enough, salaries increase always below inflation stupid, people can't keep up with bonds and car installments 😢😢😢
@vezivezi6132
But ur employers problem. Government doesn't decide who much u get paid @ ur job
@phantsi_ you're such a simpleton. The government is also an employer
we have been scammed of our hard earn cash here,our government is cruel
Bro imagine withdrawing your own savings will cost more than going to a loan shark😂…
During covid 19 ,small business got assistance 8n the form of relief funds, but the employee go nothing, why i don't understand. What the government should have done is to give employees this money tax-free .
I'm not sure if there are people who will be assisted by this system. Some of us, our debts are more than 30k. Thanks Mr Vavi, what happens if your company gers liquidated. Don't tell me to save anyone.
Great point mr Vavi. " Government wants us to be and stay poor "
R500 admin fee?😢
The greatest winner of the 2 pot system will be the South African government, they have just created another tax base as withdrawals are based on a marginal tax rates, yes it will help preserve retirement funds, but people will withdraw for reason other than emergencies, its a trap
True. SARS is rubbing his hands.
@@Sticknbkidlol
How to withdraw
How is a taxed 30000 helping me to deal with problems and debts? This is not helping at all.
This programme is for high earners, period
We rarely reach 60 nowadays I'm taking no doubt
Zwelinzima Vavi 👏🏽👏🏽👏🏽
Pls Mr vavi help us stop this we are not happy wy government control our money
So what happens if you die,the kids will have to wait until i reach the retirement age?? M confused,may someone assist me to understand
I don’t want to withdraw. My economic situation is forcing me to make this withdrawal. I need the money because I’m currently unemployed. The plan is to take this as a loan and return it. My question is how do I access my money, when do I get the money into my bank account?
You can't even built a two rooms with this money. Old people must take early retirement to leave space for young South Africa., Not like in ANC those Madalas must retire. R30 000 is nothing. Reduce those parliamentarians. What's is the use of those Deputy ministers? What about those who stole millions of tax money and other big companies.
We need our money to pay debts we dnt care about tax pay wat wat please give us all finish 😅
So what were the problem if employees were changing jobs to settle their debts? What is better to retire while have full furnished settled with less pension than bonded or no house no furniture but more pension?
This is a day robary, we want to leave this departments., where most of them are managed by people who even didn't study through those systems. What can you do with this amount? Allow as to take Our monies and invest them some where.. Government of Ramaphosa is rubbish
Savings are intended for short-term and emergency needs. Which an individual administered, not the government and neither the pension funds.
Retirement accounts are designed for long-term goals like retirement. When you riches a certain age. This two pot system is not needed.
Every individual need to make their own decision in this regard. Government should not interfere with the economy and citizens need to make their own decisions.
This means that you loose 4 months of your pension service . And will result in people taking much longer to build up sufficient pension.
What mess 😳
People are already living in debt so why not giving us our money nou
When does the payment come out since we apply they don't tell us the real date
Greetings the two pot system will it be same asp uif whereby you do not draw and you expect your finance to be intact until you apply for uif .now it said it is too old to get your money however it is the money of the person who put the uif in .will it be when you come to draw it will be said there's a fault
heres a rough example..............i work i get paid say......r50000 a month gross.......r5000 goes for uif........r5000 goes for paye.....r5000 goes for pension fund.....r5000 goes for provident fund................the fact remains that these funds are being deducted from the main gross salary and all falls as deductions or tax........so now they want to tax again on the pension fund yet it was already deducted..................explain this to me as though im a 5 year old
Vavi is raising important issue, you shutdown the other guy when he had to respond on what Vavi is raising, you're not giving the guy an opportunity to respond, the show is approachingan end now.
The issue is about the denial of access to our pension funds when we're no longer working until they're at retirement age, people will starve until they reach retirement age.
At the age of 60, naturally, you're not capable to run your finances. We need all our pension money when we're still capable to handle our finances to properly invest for our families.
I've resigned in 2013 and I can't get my retirement annuity funds until I'm 55 years 🤔
Get a job !!!
Domkop !!
@@truth-Hurts375 okay bright kop I will do since you know I’m unemployed idiot
@@truth-Hurts375where in South Africa? You the dom kop
@@truth-Hurts375Whites can be so irritating and unnecessary. F off
The withdrawal of our money is supposed to be subjected to withdrawal tax rate, from R1 to R55000 must be tax free, how is your taxable income rate (the marginal tax rate in this case) related to withdrawal from savings pot...thats BS...When you withdraw its going to reflect on your payslip and will most likely throw to another big tax bracket...its really difficult 😢😢😢😢😢😢.....why is retirement pot money taxed at retirement tax rate but withdrawal not taxed at withdrawal tax rate 😢
The problem is tax, why sars get a share of the money already taxed
Is it possible that you withdraw your 30k not this September but next September?
Yes
Today our company is consulting with us but it starts on Sunday
Unfortunately the two pot system seem to have the same effect
Why is it not a choice ?
How can they just decide on the money ?
This is not freedom it pour dectatorship
The change from 30k today is over 100k in future…..
The fuckup is insurance...you pay..no benefit..al money in insurers pockets!!!
This 2 pot system is a scam
I need some more clarification. The part of tax is what I’m curious about is if I started working & my tax rate was 20% but by the time I retire I’m in the 40% tax rate when I resign how much tax do I pay? Is it based on all the different tax rates or do they just consider the tax bracket I’m in when I resign/retire?
They consider the tax bracket you fall within during the year of retirement... remember at retirement stage you are going to be subject to retirement tax rate (the lump sum you receive) and income tax rate( the annuity you receive monthly until you die or it finishes)... Hope I make some sense
The two pot system seems to be benefiting SARS more than fund members.
This lady is so out of touch with reality.
Why you guys making en example only about the big salary prices what clue are you giving to these working like security,cleaners what do you think they will understand about these pots
how to withdraw my money
Jerusalem
That is the question... 🤔🤔🤔
Is it possible to privatise your retirement annuity? Rather than contributing why not let your employer/government contribute alone and your contribution you simply send it to a fixed deposit or the stock market. Not accessing your money till retirement age is outright nonsense.
COSATU representative and the alliance of the ANC, is not opposing the tax issue. Middle class we are on our own, goverment is sucking from the poor.
If you get fired??you gonna have to wait for 55yrs???before you withdraw
But Vavi what happens to people when they come to retirement. They must depend on government
Has government not depended on them when they were working?
Are we not paying R10-20k/month on income tax for everyone who needs it?
So cant gov give me R2-3k per month for fee years of my life?
The Cosatu Lady has no clue shame , she left everything in God's hands shame.
This system won't work, mines are being liquidated should we wait for retirement to get my money that has been invested
who will pay the debts like cars and houses in meantime while you waiting for 60years
Whose money is it anyway?
Theirs by the look of things. Can we just demand all our monies once. I don't have to wait for retirement because I have debts now, not at age 60.
South Africa it's jockey you know?😂
We have democracy, we have a freedom, 😂what kind of democracy and freedom is this? Where you are not free to get you own money that you worked for all this years? Who agreed to this? Was this discussion done? Employee must be given a choice and oprtunity to choose what they want and a system that can be changed when employee wants to change it
Government need to eat pension money
The government is going to have big big smiles all the way to the bank
Not all of us will rich the retiement fund fund its high time know people are daying
Listening to this whole thing for me was not beneficial at all, because it's like giving a platform to "EFF" and "da" wherever it's normal that a "da" is given a platform to put their point across without even addressing fundamental and root problems of the idea to the poor workingclass, the question of loosing the job early from whatever cause and waiting while starving to death while having your monies kept there, was at all cost avoided and put to bed period as always is the case when it comes to fundamental issues here at home.
Born free, Taxed to death
People have to see this as emergency funding only. Retirement funding is never enough. Pension funding does not get annual increases. Whatever one retires on is what one has. Yet inflation continues. The biggest risk with this is that people may see it as discretionary money, rather than emergency money.
This guy sounds like Ndlozi from the EFF 😂
Stop boring us about long term wena bari ya ko labour, we are hungry today.
but when u end up with 5000 while u widraw 30000 who are u going to blame
Wait till our people start paying lobola with their savings pot😂…car deposits, birthdays at Konje…I blew it is about to have a whole lot of new content coming up😂
Lol I'm happy to see UKZN X student on Comments 😂😂😂😂😂
You're funny 😂😂😂 in a very sensitive topic
Hoeveel belasting moet jy betaal op n ontrekking!!??
Why worry???
You don't pay any tax on it when it goes in !!
Fruitless interview 🤧
💭💭💭🇿🇦🇿🇦🇿🇦