Today's Labour News

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newsThe Citizen reports that staff members of the controversial Bosasa Youth Development Centres have waited months for provident fund payments which, to their relief, Sanlam is in the process of releasing.  

According to Clint Rusford, a former employee at the centre, staff members were waiting on Sanlam to release their retirement funds, but the liquidation of the Bosasa-controlled company had halted the process.  The employees had been informed that due to legislative requirements, Sanlam could not process their claims until the liquidation process had been completed.  Rusford said employees went back and forth between the liquidators, the Financial Sector Conduct Authority (FCSA) and Sanlam, yet no one could give them any answers.  “The FSCA then informed us the liquidation process had been completed and that they are only awaiting one signature from a senior official before the funds of members could be released by the administrator of the fund.  Sanlam also made it clear that once the liquidation procedure has been completed, the funds of the members would be released within 10 working days,” Rusford indicated.  According to Sanlam’s Mike O’Donovan, the company was granted an exemption by the FCSA last week, allowing it to release the funds before the full liquidation process had been completed.  On Friday, Sanlam also received the relevant tax documents from employees that triggered the payout payment process.  The matter should be finalised by Friday, O’Donovan added.

  • Read the full original of the report in the above regard on page 4 of The Citizen of 15 January 2020

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