Social Development Minister Lindiwe Zulu has buckled under a wave of pressure from all fronts on her surprise publication of the green paper on comprehensive social security and retirement reform by withdrawing it last night, without any explanation.
The paper, gazetted two weeks ago without putting it through Cabinet or the National Treasury, proposed that it be mandatory for all employers and employees to pay up to 12% of their qualifying earnings up to a ceiling of R276,004 a year into a new state-run investment fund which would pool resources to provide retirement, disability and unemployment benefits to everyone.
But a backlash from critics from Treasury itself, unions and business to the International Labour Organisation saw South African taxpayers narrowly escape what has been labelled a “tax grab”.
Meanwhile, it seems government is moving swiftly to hold to account bigwigs in the department of health for the Digital Vibes scandal, with sources telling the Daily Maverick that the suspensions of DoH Director-General, Dr Sandile Buthelezi, and long-time Deputy DG, Dr Anban Pillay, appear to be imminent.
There seems to be light at the long tunnel of South Africa’s dark years of corruption and the looting of state coffers – and now the wait is on for President Cyril Ramaphosa’s move regarding Zulu’s recklessness.
Here’s a roundup of the world’s top and most interesting headlines:
SA Business
A whale of a problem: Eskom posts R18.9bn annual loss – Daily Maverick
Months after failing to sell Timbercity, Pepkor calls it quits on franchises – Business Insider
South Africa’s insurance industry giants brace for billions in Covid-related death claims – Daily Maverick
Global Business
China’s 2021 internet sector in 5 snapshots, from tighter regulations to bumpy IPOs and shifting demographics – SCMP
Australia’s housing boom defies Delta, boasts best year since 1989 – Reuters
China hedge funds pay $300,000 to beat Wall Street to best graduates – Bloomberg
Markets
Tencent snapped up by China traders after two-month selloff – Bloomberg
Asian markets fluctuate as traders weigh recovery against Delta – AFP
Gold down, cautious wait for US jobs data continues – Investing.com
Opinion
The game is rigged when populist politics trumps legal principle – Daily Maverick
Postponing South Africa’s local elections: what the Constitutional Court must decide – The Conversation
‘Forever changed’: CEOs are dooming business travel — maybe for good – Bloomberg
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