South Africa. Ramaphosa and ANC are coming for your pensions, Maimane claims
The DA leader alleges the ruling party has stolen an estimated R1.2 trillion through corruption.
Democratic Alliance (DA) leader Mmusi Maimane spoke at a Worker’s Day rally the party held in Cape Town on Wednesday, warning an audience of supporters that Cyril Ramaphosa and the ANC were allegedly “coming for” the pensions of South Africans.
The DA leader was referring to the idea of prescribed investments for pension funds, which has been hinted at by the ANC in its 2019 election manifesto.
Explaining prescribed investments during a presentation, economist Mike Schussler said the government would be able to dictate to fund managers where and how much of their assets to invest. This money could be used to bail out crippled state-owned enterprises (SOEs).
According to Schussler, this could lead to workers’ hard-earned pensions ultimately being squandered. Maimane expressed the same sentiment at the rally, at Hillsong Church in Century City.
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