South Africa has the most comprehensive social security system in Africa but it has long been acknowledged that the system is in need of reform. This paper summarises the current social security system as well as critically evaluating proposed reforms from an actuarial perspective. These proposed reforms include the introduction of a Basic Income Grant as well as the reform of retirement and risk benefits for working South Africans. The paper also discusses how the various benefits in the system can be better integrated to avoid wastage and coverage gaps as well as lessons learned that could be valuable for other middle-income, high-debt countries implementing reforms.

Find the Q&A here: Q&A on 'Pension Reform and Evolution'