The South African wished to understand how SASSA pensions evaluate to the remainder of Africa, following the damning appraisal versus different nations globally. In opposition to some European states, the South African Social Safety Company pension is anyplace from four-to eight-times much less. Nevertheless, seeing how SASSA pensions evaluate to the remainder of Africa ought to paint a greater image for the nation’s old-age pensioners (OAPs).
AFRICA IS AGEING RAPIDLY
We tracked down a research from the Organisation for Financial Cooperation and Improvement (OECD) that delves into pensions on the African continent. The report notes that there are only a few non-public pensions disbursed and most are state funded. Equally, Africa is a quickly ageing continent. The United Nations predicts that by the 12 months 2050 greater than 2-billion folks might be over the age of 60. Actually, over 60s characterize the quickest rising inhabitants group in Africa proper now.
HOW SASSA PENSIONS COMPARE TO THE REST OF AFRICA
So, throughout the context of pressing want for pension reform on the continent, how do SASSA pensions evaluate to the remainder of Africa? The OECD factors out that African nations are utilising vastly completely different earnings-related techniques, so evaluating like-for-like is tough. Nonetheless, some simply distinguishable traits are:
SASSA’s is a means- and asset-tested state pension system.
Common state pension techniques (age being the one qualifier) exist in Botswana (paying the equal of R736 per 30 days), Lesotho (R550 p/m), Mauritius (R2 057 p/m) and Namibia (R1 100 p/m).
Nigeria and Kenya provide occupational state pensions. That is if you happen to labored as a civil servant, for instance, or opted into the state pension and had been taxed all through your working life.
Many African nations pay out a proportion of wage earned per 30 days (anyplace from 25-60%) in retirement.
Discovering dependable figures on how SASSA pensions evaluate to the remainder of Africa is tough. However the place doable, and changing native foreign money to Rands, we discovered the next choice of pensions paid by the state:
Zambia – R3 930 p/m.
South Africa – R2 090 p/m.
Mauritius – R2 057 p/m.
Seychelles – R1 196 p/m.
Namibia – R1 100 p/m.
Cape Verde – R930 p/m.
Botswana – R736 p/m.
Lesotho – R550 p/m.
Ghana – R444 p/m.
Ethiopia – R247 p/m.
Tanzania – R88 p/m.
Rwanda – R51 p/m.
Burundi – 60% of wage.
Congo – 50% of wage.
Sierra Leone – 50% of wage.
Ivory Coast – 50% of wage
Cameroon – 30% of wage.
Madagascar – 30% of wage.
Benin – 30% of wage.
Liberia – 25% of wage.
FINDINGS ON SASSA OLD-AGE PENSIONS
Based on these findings, state-funded SASSA pensions evaluate favourably to the remainder of Africa. Except for Zambia, the closest in Rand phrases is Mauritius and Seychelles. Subsequently, we should always applaud the efforts of the South African Social Safety Company and authorities in assuaging poverty and enhancing the standard of life for old-age pensioners in South Africa.
NEXT READ: MUST pensioners reapply for SASSA Previous-Age Grants April 2024?
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