Two-pot payouts top R43 billion - Sars

More than 2.4 million South Africans have applied to withdraw money from their savings components under the two-pot retirement system, with R43.4 billion paid out to date.

- Liesl Peyper

This was confirmed by the South African Revenue Service (Sars) on Friday.

Sars says it has so far received 2 664 279 applications for tax directives for withdrawals. Of the total number of applications, 2 403 379 tax directives were approved for funds to be released.

"The remainder were declined for a variety of reasons, including incorrect ID numbers and incorrect numbers."