CAPE TOWN – The 2018 Member Watch has the biggest membership and employer groupings data sample of all retirement fund surveys available in South Africa.
“Millions of South African employees rely on the money saved in their employer’s retirement fund to provide them with an income in retirement. For many people, this is their only formal savings for retirement. Unfortunately, too often, this money is not enough to sustain them in retirement,” says Michael Prinsloo, managing executive of research and product development at Alexander Forbes.
The 2018 Member WatchTM also identified a narrowing of the salary differential between men and women. The average salary for female members increased by about 47 percent to R211 038 in the 2018 Member Watch from R143 154 in 2010, while the average salary for male members increased by 41 percent to R241 831 from R171 576 in 2010.
Prinsloo said the trend of increasing normal retirement ages could clearly be seen in the findings of the 2018 analysis. A few years ago, the most common retirement age set by employers was 60 years.
That has now increased to 65.