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Bruce Hodgert
16 February 1995
Dear
Sir/Madam,
I would appreciate it if the following issue be given
consideration by the members of the Constituent Assembly. It is in regard to
the age of retirement for males in industry, government, farming, N.G.0.s
and
other business organisations.
it is my understanding that in
the majority of organisations the legal retirement age for males is 65 years and
for females 60 years.
That is for clerical staff artisans, production workers,
labourers and administration persons. I am also aware that a male may
elect to
retire from age 55 or after 65 subject to the company's approval. However, if a
person elects to retire at 63 years he
is subject to rather severe penalties.
For example : the pension accrued to one in accordance with the retirement
formula up to
one's early retirement date will be reduced by 3% for the first 2
years and 4% for each subsequent year of early retirement. One's
average
earnings will be determined over the two years preceding the early retirement
(retirement formula = 2% of the average earnings
over the last 2 years of
service for each year of pensionable service). The above reductions could apply
to retirement before 63
years and possibly with the proviso that one must have
at least 20 years- service with the same company before retiring at the age
of
63 years. I am sure that the registrar of pension funds would comply with the
government recommendations. If it was made law
that the retirement age of males
be 63 years and of females to remain at 60 years, and subject to a company's
approval, one could
remain still in employment after the age of 63 years for as
long as one feels physically and mentally capable.
How many 64 year old
bricklayers, mechanics, electricians,
labourers, etc, are to be seen
carrying out their original duties as stated in their job descriptions? The
majority are either given
some meaningless job, or are retrenched, or are simply
biding their time until retirement. This unproductivity must cost the economy
millions of
Bands per annum.
Furthermore, earlier legislated
retirement would mean that thousands of school beavers would get jobs sooner,
which could decrease
street crime and teenage pregnancy. It would mean that
many elderly employees could enjoy their retirement at their ancestral farms
or
homes without having to eke out an existence on a pension under draconian rules
as at present.
Yours sincerely
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