The question on everyone’s mind: “Is the government trying to steal my provident fund?”
Well that could be a possibility further down the road, you never know. Who’s to say they won’t force all pension and provident funds to invest in government bonds at some point? Or introduce some or other ‘extra’ tax on the rich (The ‘rich’ being anyone with a pension or provident fund)?
But right now, it’s all a storm in a teacup, and here’s why…
As of the 1st of March 2016, our government is encouraging us to save for retirement by increasing the tax incentives for doing so. This now happens to include those of us who belong to provident funds.