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Workers across South Africa have voiced their concern following the signing of the new retirement tax legislation by President Jacob Zuma.
The new retirement tax legislation will see government regulating the way workers, who retire, access their pension funds.
Changes are setting in from 1 March 2016.
However, trade union federation Cosatu has called for the complete withdrawal of the new legislation until discussions have taken place between labour, business and government.
"We refuse to be coerced into accepting greater government activity and involvement in the affairs of individual workers and also find it deeply disturbing to see government using coercion and force to achieve its purpose, which is outside of its legitimate functions. This is a barefaced perversion of the system, where worker's undeniable rights are considered to be the dispensation of government. These savings are part of worker's hard-earned salaries and should be accessible to the workers, as and when they need them, especially in the absence of a comprehensive social security," Cosatu said.
Finance Minister Pravin Gordhan gave some clarity on the new legislation during a post cabinet meeting press briefing in Pretoria this week...
(File photo: Gallo Images)