Today's Labour News

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gigaba2Business Report writes that Finance Minister Malusi Gigaba has called on retirement funds to strictly obey rules laid down by the pension funds regulator.  

He indicated that the National Treasury was concerned about many cases involving mismanagement of the funds and added that the non-payment of contributions by employers continued unabated and flew in the face of regulations.  Noting that the Pension Funds Adjudicator, Muvhango Lukhaimane, and her team had recorded another year of good performance, Gigaba said she should be hailed for the decision to levy monetary penalties against retirement funds that failed to conduct proper investigations into the dependants of deceased members to effect equitable distributions of death benefits.  Financial Services Board chairperson Abel Sithole pointed out that the Office of the Pension Funds Adjudicator (OPFA) had been able to finalise matters expeditiously during the 2016/17 financial year.  Sithole advised that at least 75% of determinations had been handed down within six months of receipt of complaints and 90% settled.

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