Arrears in local government sector reach alarming levels
58% of South Africa’s municipalities – 149 out of 257 – are behind on their retirement fund contributions, highlighting a growing issue in local government finances.
58% of South Africa’s municipalities – 149 out of 257 – are behind on their retirement fund contributions, highlighting a growing issue in local government finances.
With over R5.2 billion in unpaid retirement fund contributions and municipalities among the worst offenders, the FSCA is poised to gain expanded powers under the COFI Bill.
The tax structure aims to be progressive, with low-income earners paying little to no tax on withdrawals, while high earners are taxed more.