is it the government's responsibility to see that you are comfortable in retirement? let everyone plan individually for their own retirement

2 quick questions.
1.What will happen to what employees have contributed to defined contribution schemes?
And will employees be able to get lump sums of up to about 60% as per the current law.
2. With a life expectancy of 60 years, why should we contribute money we might never use, especially as lump sum will never be paid.
I feel cheated. Working to provide some money for nssf bureaucracy to eat.

I would have preferred a scenario where those schemes with joint contributions more than 12%are retained, but those inferior are catered by the new law.

Yaani am seeing these guys making me more poor than safeguarding my future.

the employer will be forced to pay for you 6% of your gross per month. per year you will be getting 12monthsx6% = 72% of your one gross month salary paid by your employer. isn't that good?


severence pay was pegged @ 50% of your 1, month salary for every year worked