South Africans Given Early Access to Pensions Tap $1.2 Billion
- Funds paid out to savers taking advantage of pension reforms
- Central bank sees withdrawals boosting economic growth
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South African pension funds have paid out 21.4 billion rand ($1.2 billion) since new rules that allow savers early access to part of their retirement funds came into effect on Sept. 1, the tax authority said.
The South African Revenue Service said it had received 1.2 million tax-directive applications for withdrawals, of which 1.1 million were approved.