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Two months into President Cyril Ramaphosa’s new government for the next five years, South Africans have been made aware of the stark reality of a higher-than-anticipated contraction in the economy in the first quarter of 2019. While the JSE all share index rebounded in June, it comes off a miserable month of May.
The Finance Minister, Tito Mboweni, used the opportunity in the National Budget Speech to address the concerns raised by many South African citizens, corporates and international ratings agencies.
Despite the tax benefits on retirement contributions and the tax free growth, the fact that pension income benefits are ultimately taxed has led people to question whether saving in a retirement fund really is better than making your own retirement savings arrangements with after-tax earnings.