COSATU notes Parliament’s rejection of privation members bill on Pension Funds  

01 December 2021 

The Congress of South African Trade Unions (COSATU) notes Parliament’s Standing Committee on Finance’s rejection of the Private Member’s Pension Amendment Bill in favour of waiting for a more comprehensive Amendment Bill from Treasury in early 2022. 

The Pension Amendment Bill was drafted by a Member of Parliament, Dr. Dion George, in response to COSATU’s call for highly indebted and financially distressed workers limited access to their pension funds.  COSATU had welcomed the Private Member’s Bill as a positive step forward in response to workers’ pleas. 

COSATU has been in extensive engagements in Treasury on addressing workers’ calls.  The Federation is pleased that the Minister for Finance, Enoch Godongwana, and Treasury support COSATU’s call and have committed to releasing a discussion paper outlining its proposals in December and tabling an Amendment Bill to effect this at Parliament in February 2022.  

The Federation looks forward to engaging on this paper and Bill and seeing Parliament passing it in 2022.  Workers are struggling and need to be allowed some relief.  They cannot afford any further delays. 

Issued by COSATU. 

For further information please contact: Matthew Parks -COSATU Parliamentary Coordinator 

Cell: 082 785 0687 

Email: matthew@cosatu.org.za