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Africa's biggest retirement fund administrator, Alexander Forbes, on Thursday became the 11th company to list on the Johannesburg Stock Exchange this year. The company listed with a market capitalisation of around R10.9-billion, putting it into the top 25% of firms listed on the bourse.
South Africa's amended Social Assistance Act now allows men aged 63 and 64 to apply for a state pension. Men who turn 61 and 62 in 2008 will be able to apply from April 2009, and by 2010 the eligibility age - at 60 years - will be equal between men and women.
South Africa's workforce need not cash in their provident fund savings out of fear that the government will nationalise the funds, says Finance Minister Trevor Manuel.
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