The Minister of Social Development, Lindiwe Sisulu, has published its green paper on comprehensive social security and retirement reform.
The paper proposes increasing income taxes to fund a Basic Income Grant (BIG) and mandatory contributions to a state-run pension scheme.
To fund the lowest level of its proposed universal basic income grant, the Department of Social Development said a 10-percentage point increase on income taxes would be needed to raise R200 billion.“At face value, these amounts appear to be astronomically high and even impossible to propose, however the microsimulation on the redistributive impact on society suggest that the reform is not […]
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