REUTERS/Karin Strohecker

REUTERS/Karin Strohecker

South Africa increases retirement age from 60 to 95 for this reason

South Africa on Friday increased the country’s retirement age from 60 to 95. This means South Africans and residents of South Africa will have to work until they are 95.

Citizens received the news with shock but the president says the country has no choice than to increase the age one can receive retirement benefits.

The president addressed the nation on National TV that the country is not strong enough to cater for the millions of people who are retiring at 60 next year.

“We don’t have money to pay their pensions. The only way out is to increase the age and that is exactly what we’ve done” he said.

Citizens and residents who wish to retire at 60 are allowed but would not receive their retirement benefits.

The life expectancy of South Africa is 62.

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