In pursuance to the proposal to review the contribution rates and retirement age as part of the exercise to keep SPF sustainable for the long run, proposals were made to the Cabinet of Ministers for approval. this exercise which also constitute a consultation process with stakeholders came to and end in march 2022. This week the cabinet of Minister pronounced itself favourable to the proposed changes. The notice below serves to highlight the changes in relation to contribution rates effective 1st April 2022.
Please refer to the link for a full explanation of the outcome from the discussions; https://www.statehouse.gov.sc/news/5507/cabinet-business-wednesday-6th-april-2022