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Business Report writes that the Mines 1970 Unclaimed Benefits Preservation Pension and Provident Funds want to distribute the entire fund, totaling R600 million, to ex-mineworkers in SA, Mozambique, Lesotho, Swaziland, Malawi, Botswana and Zimbabwe by 2020.
Yet, this is said to be a fraction of the billions of rands that different pension funds are understood to owe ex-miners. The 1970 Funds comprise 11,712 pension fund beneficiaries and 57,450 provident fund beneficiaries, located in different southern African countries. “We have identified 73 percent of the pension fund beneficiaries and, families of the deceased, and 60 percent of provident fund beneficiaries and families,” said Sue Fritz, chairperson of the funds on Monday. She said the increased success rate was due to their new tracing initiatives. In the past 25 months, the funds have paid more than R60 million in unclaimed benefits to beneficiaries.
- Read this report by Siseko Njobeni in full at Business Report
Get other news reports at the SA Labour News home page