South Africans wanted to know how SASSA's pensions compared to the rest of Africa, following terrible ratings compared to other countries in the world. Compared to some European states, South Africa's Social Security Agency pensions are only one-fourth to one-eighth as large. However, comparing SASSA pensions to other parts of Africa should paint a better picture for the country's old age pensioners (OAPs).
Africa is rapidly aging
We followed up on an Organization for Economic Co-operation and Development (OECD) study that looked closely at pensions on the African continent. The report notes that private pension payments are very low and are mostly funded by the state. Similarly, Africa is a rapidly aging continent. The United Nations predicts that by 2018: 2050 is more than 2000000000 In fact, Africa's fastest growing population group is currently those aged 60 and over.
How pensions in Sassa compare to the rest of Africa
So how do SASSA's pensions compare with the rest of Africa, given the urgent need for pension reform on the continent? The OECD finds that African countries use vastly different income-related systems. They point out that it is difficult to compare like-for-like products because of the Nevertheless, some characteristics that can be easily distinguished are:
- SASSA is a means and asset tested national pension scheme.
- Botswana has a universal pension system (age is the only condition) (pays the same amount as the national pension) R736 per month), Lesotho (per month), Lesotho (per month)R550 pm), Mauritius (R2 057 Afternoon) and Namibia (R1 100p/min).
- Nigeria and Kenya provide occupational state pensions. This is the case, for example, if you worked as a civil servant or were part of the national pension scheme and were taxed throughout your working life.
- Many countries in Africa pay you a percentage of the salary you earn each month (from wherever you are). 25-60%) Retired.
It is difficult to find reliable figures on how SASSA pensions compare with the rest of Africa. However, if possible, converting the local currency to Rand, we found that the pension paid by the state is:
- Zambia – R3 930p/min.
- South Africa – R2 090 pm.
- Mauritius – R2 057 PM.
- Seychelles – R1 196 pm.
- Namibia – R1 100p/min.
- Cape Verde – R930 pm.
- Botswana – R736pm.
- Lesotho – R550 pm.
- Ghana – R444pm.
- Ethiopia – R247pm.
- Tanzania – R88pm.
- Rwanda – R51pm.
- Burundi – 60% of wages.
- Congo – 50% of wages.
- Sierra Leone – 50% of wages.
- Ivory Coast – 50% of wages
- Cameroon – 30% of wages.
- Madagascar – 30% of wages.
- Benin – 30% of wages.
- Liberia – 25% of wages.
Survey results regarding Sassa old age pension
These findings show that state-funded SASSA pensions compare favorably with those in other parts of Africa. Apart from Zambia, the closest countries in terms of rands are Mauritius and Seychelles. We should therefore commend the efforts of the South African Social Security Agency and the government to alleviate poverty in South Africa and improve the quality of life for superannuation recipients.
Read next: Will pensioners have to reapply for the SASSA Older Persons Grant in April 2024?
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