While the formal introduction of asset prescription is unlikely in South Africa, certain elements of the ANC are likely to continue to push this narrative, says Jeff Schultz, senior economist at BNP Paribas South Africa.
Schultz pointed to the recent green paper published by the Department of Social Development, which proposes a ‘national social security fund’ with compulsory contributions of up to 12% of qualifying earnings.
“The green paper was met with fierce criticism from the Treasury and the local pension fund and asset management industry that was not consulted on its release or content. The green paper has subsequently been […]
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