Today's Labour News

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transnetlogo thumb100 Sunday Independent reports that Transnet’s beleaguered pensioners have accused the parastatal’s newly appointed board of delaying Transnet Second Defined Pension Fund (TSDBF) bonus payments to benefit 50,000 pensioners.  

John Benwell, who represents pensioners on the board of trustees and has been a gladiator for their cause, indicated that pensioners have been waiting on the bonus payout from July this year, but the board has still not signed off the payments.  “Fifty-thousand pensioners are waiting on that decision.  We made the decision in June to pay the money in July.  We have been waiting since July for the decision from Transnet.  They have not indicated why the approval is being delayed.  We can’t get any information out of them,” said Benwell.  The TSDBF was one of three funds that grew out of the then Transnet Pension Fund.  The TSDBF originally had more than 100,000 members, but that number has diminished due to deaths.  The fund has limited increases on pensions to 2% a year since its inception in November 2000, way below the inflation rate.  Transnet board chairperson Popo Molefe reacted:  “It is not true that Transnet board is withholding bonus payment.  The process is undergoing necessary governance procedures and the fund trustees are kept updated.”

  • Read this report by Mary Jane Mphahlele in full at IOL News

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