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Sunday World reports that SA Post Office (Sapo) workers stand to forgo R1.3-billion of their hard-earned retirement funds.
The Post Office Retirement Fund made this announcement last week in an internal staff mail, stating that the employees would only get 12% of their pension funds a final payment. Apparently, Sapo did not remit any contributions to the retirement fund from May 2020 until December 2023. This was despite the company deducting the money from the workers’ salaries. “You will recall from the fund’s communiqué of 10 May 2024 that, in accordance with the business rescue plan published on 23 November 2023, and approved at a creditors’ meeting held on 7 December 2023, 12c in the rand of the fund’s claim would become payable to the fund. The fund has since received an amount of R172,885,705 from Sapo being 12c in the rand of R1,440,714,215 (which was the total amount of the unpaid contributions on 9 July 2023),” wrote the fund’s principal officer Mike Faasen in the mail to staff. Workers’ representative Tutu Mokoena said “workers have contributed money to take this matter to court in order to recover every cent with interest that is owed to them”. Mokoena also referred to a Supreme Court of Appeal judgment ruling that Sapo had to “pay contributions, as defined therein, to the Post Office Retirement Fund on a monthly basis, in arrears, by not later than the first working day of each month”. Workers have contributed money to take this matter to court.
- Read the full original of the report in the above regard by Mpho Sibanyoni on page 12 of Sunday World of 4 August 2024
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