The Department of Social Development's Green Paper on Comprehensive Social Security and Retirement Reform ignored a host of concerns raised by the National Economic Development and Labour Council task team, which looked at its proposals over the years.
Government has largely ignored the business sector's inputs into the proposed National Social Security Fund over the past few years, a new Nedlac report shows.Department of Social Development gazetted a green paper with far-reaching proposals, that would force SouthThe business sector has warned that this would replace almost all existing retirement and life fund contributions people make to private retirement funds.
The task team produced a draft Nedlac report in March 2019, with a host of suggestions and highlights of areas that needed more research. These included a legal opinion on the constitutionality of the proposals, the actuarial sustainability of the National Social Security Fund, and the impact it could have on the investment environment and capital markets.
The report also noted that envisaged contributions to the National Social Security Fund would replace or overlap with almost all existing retirement and life fund contributions people make to the existing private retirement funds.
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