Retirement Funds Must Also Help Informal Workers in South Africa
News Summary
South Africa's retirement funds are being modernised, but experts say informal workers must also be included. Using digital tools can help more people save for retirement.
Originally reported by TimesLIVE.
Why It Matters
Most workers in Africa, including South Africa, are in the informal sector. This means they do not have formal jobs with benefits like pension funds. Retirement funds mostly cover people working in formal companies. This leaves many people without savings for their old age.
If retirement funds are made more inclusive, informal workers can also save for their future. This helps them feel secure and reduces poverty among older people. When more people save, more money becomes available to invest in infrastructure, creating more jobs and helping the economy grow.
For job seekers, this is important because it shows a need for financial products and services that are simple and easy to use, especially on phones. Workers in the informal sector need advice and tools to help them save. This creates opportunities for people who understand technology and finance.
Skills In Demand
From Live Job DatabaseCareer Tip
"If you are interested in finance or helping people, consider learning about digital money tools like mobile savings apps. Offering to assist informal workers with saving plans can make you valuable to employers."
