MINISTER in the Presidency Jeff Radebe has acknowledged that the government could have communicated better its plans to introduce retirement savings reform.
This comes after an apparent rash of resignations by people who appeared to believe they needed to save their pensions from the government's clutches.
Last week, Cosatu raised the issue of workers resigning in the belief that the government was about to nationalise pension and provident funds.
The topic also hotly featured on social media and talk radio.
Yesterday, during a briefing on this week's cabinet discussions, Radebe said: "From the government's side, I don't think we communicated this thing appropriately."
The cabinet had now asked Finance Minister Nhlanhla Nene to launch an "aggressive" awareness campaign to explain and allay concerns.
"There's no intention on the side of government to nationalise these things. I want to put it emphatically: no, no, no.
"What we want to do is to encourage a culture of saving."
National Treasury deputy director-general Ismail Momoniat confirmed a recent rise in cash-outs from the
Cautioning that it usually took two to three months after resignation for the fund to receive such instructions, he acknowledged citizens' concerns: "We are getting lots of phone calls. We are getting lots of queries. There is clearly a great discomfort."
Most Popular Stories
- More Hispanic Voters May Not Mean More Clout
- 2016 Camaro Shrinks, Moves to Caddy Platform
- Eric Garcia Appointed as Revenue Chief
- Apple Pay Debuts With Few Issues
- Stocks Subdued After Gains Earlier in Week
- Government: 500 Million Records Stolen in 12 Months
- Pistorius Gets 5-year Sentence in Shooting Death
- Mom Makes Toys R Us Pull 'Breaking Bad' Dolls
- Volatility No Reason to Bail on Stock Market
- Cuba Deploys More Medicos in Ebola Fight