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South Africa May Present Pension Fund Plan, Financial Mail Says

Feb. 15 (Bloomberg) -- South Africa’s plan for a national pension plan may require employees to contribute 12 percent of their salaries annually to the fund, the Financial Mail reported.

The Department of Social Development will discuss the plan at a presentation on March 7, the Johannesburg-based magazine said, citing Rowan Burger, head of investment strategy at Liberty Holdings Ltd. Employees would contribute 12 percent of their salaries, or as much as 150,000 rand ($19,487), to the accounts, the Financial Mail reported.

To contact the reporter on this story: Andres R. Martinez in Johannesburg at amartinez28@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net

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