March 2019

12Mar

South Africa. Government ministers lobby to stop PIC amendment bill

The bill is intended to strengthen and bring positive changes to the weakened Public Investment Corporation. There are behind-the-scenes efforts by some government ministers to put a spanner in the works and oppose the passing of the proposed Public Investment Corporation (PIC) Amendment Bill, according to an EWN report. The amendment bill is intended to strengthen and bring positive changes to the weakened PIC, which is responsible for managing assets on behalf of, among other institutions, the Government Employees...

March 12, 2019
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08Mar

SA’s pension pot at risk as government seeks funding

The pension pot in South Africa, one of the largest in the world, could be under threat as government, whose debt is growing every year, looks for new funding sources. This according to the Institute of Race Relations (IRR), which warned of a threat by government to stipulate what the pension funds of about 16 million South Africans should be invested in. In its election manifesto, the ANC said it would investigate the introduction of prescribed assets on financial...

March 8, 2019
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February 2019

21Feb

South Africa. Grant for pensioners to increase to at least R1,780 monthly

Pensioners can again look forward to an inflation-linked increase in their social grants this year. The government spending on social grants will increase to R567 billion. The number of beneficiaries who receive social assistance from the state is expected to increase from 17.9 million to 18.6 million over the next three years. Old-age pensions will increase by R85 this year to R1,780 monthly. Pensioners over the age of 75 will receive a monthly pension of R1,800. The foster care...

February 21, 2019
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07Feb

Institute of Race Relations launches campaign to warn South Africans about the risk to their pensions

A campaign to warn South Africans about the risks to their pensions, and to take a stand in urging the government to concentrate on growing the economy instead has been launched by the Institute of Race Relations (IRR). This follows the announcement that the governing African National Congress (ANC) is considering introducing a regime of prescribed assets. The IRR has warned that expropriation without compensation (EWC) will be about more than just land, and extend to other forms of...

February 7, 2019
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05Feb

South Africa. Board walkout at PIC may risk investments

A deepening crisis at South Africa’s biggest money manager the Public Investment Corporation is threatening to cast a pall over the economy and throw into doubt potential deals, including the bailout of one of the nation’s largest clothing retailers.Nine PIC directors quit on Friday, saying the institution overseeing the pension funds of most South African civil servants has entered a “state of paralysis” following misconduct claims against some board members. Those included questionable investments in the bonds of cash-strapped state...

February 5, 2019
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January 2019

25Jan

South Africa. ‘Despicable’ – ANC slams DA’s latest ad claiming pensions and homes will be taken

The ANC condemned the DA for its latest pre-election campaign - an advertisement that claims the ruling party will take away citizens' houses and pension fund money. "Spreading disinformation as an election tactic is not only despicable, but it also undermines the intelligence of the voters. We reject these insinuations with the contempt they deserve," ANC spokesperson Zizi Kodwa said on Wednesday. He labelled the campaign shallow and said it rode on the back of disinformation. The advertisement...

January 25, 2019
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23Jan

South African state pension fund suspends officials over technology deal

South Africa’s state pension fund said on Tuesday that it had suspended two officials for flouting governance rules over an investment in local technology firm Ayo Technology Solutions. The PIC is the biggest investor in Africa’s most industrialised economy, holding a large volume of bonds issued by state-owned firms and equity stakes in some blue-chip companies. The suspensions come as a state inquiry into governance at the Public Investment Corporation (PIC), which manages 2 trillion rand ($144 billion) in...

January 23, 2019
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22Jan

South Africa opens inquiry into improper use of government pension funds

A commission of inquiry into South Africa's Public Investment Corporation (PIC) has just opened. The inquiry has a remit to look into allegations of mismanagement and corruption going back to 2015. The PIC is Africa's biggest asset manager. The PIC manages the bulk of pensions of South African civil servants on behalf of the Government Employees’ Pension Fund. Its investments are worth two trillion rands, about 126 billion euros. The scale of its investment makes the PIC the largest...

January 22, 2019
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15Jan

South Africa . ANC still eyeing pension assets

The ANC is once again eyeing the notion of prescribed assets, where money managers will be forced to invest a portion of their funds in state-mandated areas and/or companies. In its 2019 Election Manifesto, the party says it will “Investigate the introduction of prescribed assets on financial institutions’ funds to mobilise funds within a regulatory framework for socially productive investments (including housing, infrastructure for social and economic development and township and village economy) and job creation while considering the...

January 15, 2019
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October 2018

31Oct

South Africa: Gogos Pay to Queue for Pensions

Social grant beneficiaries pay R10 to R20 to get a space outside the Pietermaritzburg post office Social grant beneficiaries in Pietermaritzburg have become the targets of extortion. They have to pay youngsters, known as "amaphara", for a space in the queue outside the post office in Langalibalele Street. They pay R10 or R20 to be even closer to the front. Honoratha Dlamini says it already costs her R200 to hire a car to get from Imbali Unit 13 to the post...

October 31, 2018
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