Today's Labour News

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amcu thumb medium80 81BusinessLive reports that a R7bn pension fund is at the heart of a legal challenge by the Association of Mineworkers and Construction Union (Amcu) against Anglo American Platinum (Amplats).  

Not for the first time, Amcu has demanded the transfer of pension and provident funds established by companies in the platinum and gold sectors into the Igula Umbrella Provident Fund, which it set up.  The gold sector rejected Amcu’s demands for the Mineworkers Provident Fund to be paid into Igula after the issue was raised during wage talks in 2015, and the matter went quiet.  Amcu is now taking Amplats to the Labour Court to stop it from transferring R7bn in funds from the Amplats Group Provident Fund to the Old Mutual Umbrella Fund.  Amcu says a wage agreement signed with Amplats in 2016 contains a clause stipulating that there would be talks between the two sides about the transfer of pension and provident funds to Igula.  The Labour Court heard the application at the end of May, but ruled it was not urgent and postponed the hearing to 27 June.  According to Amplats, it provided feedback to Amcu that the Igula Fund was unsuccessful as an umbrella fund provider.

  • Read this report by Allan Seccombe in full at BusinessLive

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