Premier Soccer League (PSL) chairman Irvin Khoza says there are plans in place to help players have a minimum of R2 million in their accounts at retirement.
This comes after the PSL announced it had reached the R1-billion mark in income‚ which is a record for the league.
Khoza revealed the league is concerned about the plight of retired players as it reflects badly on the organisation.
"We hope to announce a programme in the next few months for players in terms of empowering them. There are three stages of a professional player," Khoza told City Press .
"The first is when they enter into a premiership contract. There is much excitement and everything is a roller coaster ride.
"What is most critical at this stage, which we have identified and must hone in on to find solutions, is when the player receives their signing-on fee because, all of sudden, they get many ‘friends’ and don’t listen to the wisdom of their family or club."
The Orlando Pirates chairman went on to state players tend to misuse their salaries and only think about investing money towards the end of their careers.
"The second stage is more critical. It is when the player starts getting big salaries and wastes 10 years without making any investments. They only start thinking of investing in the [final years of their career and have lost time and compound interest-earning potential]," he said.
"The last stage is when a player has aged and their contract is no longer as lucrative as when they were younger. We are announcing a programme in the next few months on how to implement interventions [that will stabilise players’ financial health]."
The veteran football administrator also disclosed the PSL will be partnering with Catholic priest Smangaliso Mkhatshwa, who is a former Mayor of Tshwane.
"They must have a minimum R2 million in the bank and make sure it is not touched until they reach age 35 at least," he added.
"We are also hoping to partner with Reverend [Smangaliso] Mkhatshwa [to address] moral degeneration. We are finalising the discussions and we’ll make an announcement before the end of the season."
