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Two-pot system triggers R4.1bn in emergency claims, Sars reveals

12 Sep 2024

Just over a week after the two-pot retirement system was implemented, the South African Revenue Service (Sars) reported that claims have reached R4.1bn.

Source: Pixabay

The system allows workers to access a portion of their retirement savings for emergencies before reaching retirement.

Sars also stated that it has received more than 159,800 applications for withdrawal benefits, averaging over 17,900 tax directive applications per day.

This week, retirement fund administrator Alexander Forbes reported processing 78,000 withdrawals totalling over R1.5bn from its members within just one week.

Of this amount, at least R270m was directed to Sars.