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The New Age writes that fund managers are being blamed for the tardy payout of pension benefits to retired workers and their relatives, leading to an unclaimed pension pot of R20bn.
According to Teba Limited, the estimated R20bn is owed to about 3.5 million beneficiaries, with about R5.2bn owed to 200,000 workers in the mining industry alone. The company assists in tracing beneficiaries, creating awareness of unclaimed benefits, collation of the necessary documents and submission of applications for benefits. The National Union of Mineworkers (NUM) said it was working hard on the ground to ensure that companies equipped the workers with the tools needed to ensure that they enjoy the full benefits of their retirement. The union called on mining companies to have an “induction” process for workers before they exited the industry, to point them in the right direction on how to claim their retirement benefits.
- Read this report by Lillian Selapisa in full at The New Age
Get other news reports at the SA Labour News home page