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There is a ethnic group of people who do this in South Africa and I am interested to know what your opinion of this is.
The system is called "papgeld" or "porridge money" and it works like this:
Two parents bring a child into this world. They raise the child, send it to school and those who can afford it go study. Once the child is an adult and is working the parents expect a certain percentage of the child's income go back to the parents for their effort of raising it.
More often than not, the parent stops working and takes an "early retirement" at the cost of the child. If a woman had a child at 20 and the child starts working at 25, she stops working and goes into "retirement" at 45. The child is expected to foot the bills, pay for food and supply the parents with spending money. The more children they have, the better their "retirement" is.
This method is usually enforced by the "child" (now an adult) to provide a payslip so that the parents can see how much money was really made. They want to be taken to the bank and the "child" must withdraw the money in their presence and be handed over to them.
In stricter circumstances the parents have the child's salary paid into their own bank account. The child is paid a certain percentage of their own income by the parents. It is not uncommon for 45 year old working adults to have their salary paid into their parent's bank account.
When there are mother-in-laws and father-in-laws things become even more complicated.
What do you think about this? Would it work for you? Are you for it? Against it? Any thoughts are appreciated.
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