In South Africa, the Provident Fund is a retirement scheme run by the government. The government makes it compulsory for employees and employers to contribute to the scheme. The government also determines the conditions for withdrawing by setting the age limit you need to attain and the amount.
The Provident Fund was introduced in 1926 to help ensure that employees have a secure retirement. The program is managed by the South African government. To be eligible for the Provident Fund, you must be employed and have an active pay record with your employer.
The South African government has extended the implementation date for the Retirement Fund Two Pot system withdrawal to the beginning of March 2024. According to the new bill, members of retirement funds will be able to withdraw one-third of their pension fund whereas two-thirds will be accessible only during retirement. A savings element has also been introduced to allow members to withdraw a maximum of R2 000 once a year.
The two-pot system means South Africans will be able to access one-third of their retirement savings throughout their career, while two-thirds will only become accessible on retirement. The reform is meant to deter South Africans from cashing out their retirement savings when they resign, and also to prevent workers from resigning to access their retirement funds.
How a Provident Fund Government Works
The money held in private savings accounts continues to grow in many developing countries, but it’s still rarely enough to provide most families with a comfortable retirement life.
The challenge of retirement has been further deepened by social change. Societies in the developing world are still catching up with the rapid rise of industrialization, the movement of citizens from rural areas to urban centers, and changing family structures. In traditional societies, for example, the elderly were provided for by their extended families. But declining birth rates, widely dispersed family members, and longer life expectancies have made it more difficult to sustain this age-old safety net.
For these reasons and more, governments in many developing countries have stepped in to provide long-term financial support to retirees and other vulnerable populations. A provident fund finances such support in a way that readily scales payouts to the available balance and enlists employers and workers to help cover the cost.
Overview of Public Universities in South Africa
Here's an overview of some public universities in South Africa, including general admissions requirements and estimated application periods. Keep in mind, specific program requirements and dates can vary significantly, so it's important to check each university's official website for the most current information.
University of Pretoria
- Admissions Requirements: National Senior Certificate with minimum scores in specific subjects related to the chosen program; for international students, equivalent qualifications.
- Application Period: Usually opens in March and closes at the end of July for most programs.
University of Cape Town
- Admissions Requirements: National Senior Certificate with pass levels required for degree study; subject-specific requirements depending on the program.
- Application Period: Application opens in April and closes at the end of July.
Stellenbosch University
- Admissions Requirements: National Senior Certificate with required marks; some programs have additional testing.
- Application Period: Opens in March and typically closes at the end of June.
University of the Witwatersrand
- Admissions Requirements: Matriculation certificate with university exemption; required scores vary by faculty.
- Application Period: Begins in March and ends on the 30th of September.
University of Johannesburg
- Admissions Requirements: Matric exemption with a minimum APS score; specific subject requirements based on the faculty.
- Application Period: Opens in April and generally closes by the 30th of September.
University of the Free State
- Admissions Requirements: National Senior Certificate with specific marks for the program applied to; additional requirements for certain courses.
- Application Period: Typically opens in April and closes at the end of August.
University of Venda
- Admissions Requirements: Completion of the National Senior Certificate with an endorsement for diploma or degree studies; specific APS scores needed.
- Application Period: Usually from May to September.
University of Fort Hare
- Admissions Requirements: National Senior Certificate with university exemption; certain programs may have specific requirements.
- Application Period: Opens around May and closes at the end of September.
University of the Western Cape
- Admissions Requirements: National Senior Certificate with specific performance levels; additional requirements for certain programs.
- Application Period: Generally from May to September.
North-West University
- Admissions Requirements: National Senior Certificate with university exemption; program-specific requirements may apply.
- Application Period: Opens in March and usually closes by the end of August.
Rhodes University
- Admissions Requirements: National Senior Certificate or equivalent; minimum academic performance in certain subjects.
- Application Period: Applications open in April and close at the end of September.
Nelson Mandela University
- Admissions Requirements: National Senior Certificate with required scores for chosen programs; portfolio or additional tests for some faculties.
- Application Period: Opens in April, with a deadline at the end of August for most programs.
Cape Peninsula University of Technology
- Admissions Requirements: National Senior Certificate with specific scores; additional requirements for certain courses.
- Application Period: Opens in May and typically closes by the end of September.
University of Limpopo
- Admissions Requirements: Senior Certificate with endorsement for diploma or degree courses; specific APS scores for different programs.
- Application Period: From April to September.
University of Zululand
- Admissions Requirements: National Senior Certificate with an endorsement for bachelor’s degree studies; specific score requirements for various programs.
- Application Period: Usually between April and November.
Central University of Technology
- Admissions Requirements: National Senior Certificate with specific scores for the chosen field of study; additional criteria for certain programs.
- Application Period: Application period generally starts in May and ends in October.
Vaal University of Technology
- Admissions Requirements: National Senior Certificate with a pass that qualifies for admission to bachelor’s degree, diploma, or higher certificate programs.
- Application Period: Typically from May to September.
Walter Sisulu University
- Admissions Requirements: National Senior Certificate with required scores for chosen programs; additional criteria for certain faculties.
- Application Period: From April to September.
This list provides a starting point for understanding the admissions landscape across South Africa's diverse higher education institutions. Given the variability in programs and requirements, it's crucial to consult each university's website for the most accurate and up-to-date information.