South Africa Archives - Page 7 of 25 - Pension Policy International

26JanJanuary 26, 2023

South Africa. Take-home pay falls almost 5% in December, capping off dismal year, index shows

South Africans' average take home pay declined almost 5% in December, ending a dismal year at a low point, with signs that record load shedding and rampant inflation took its toll on households, Africa's largest automated clearing house BankservAfrica said on Wednesday. Average pay, as measured in BankservAfrica's Take-home Pay Index, slipped to R14 663 in December, when more than 200 000 new jobs were added, probably reflecting the fact that many new jobs are likely to have been created...

January 26, 2023

News, UncategorizedIncome, South Africa

18JanJanuary 18, 2023

South Africa. PIC refutes government pension fund insolvency claims

The Public Investment Corporation (PIC), which manages over R2 trillion in funds, is refuting claims circulating on social media that the Government Employee Pension Fund (GEPF) is facing insolvency risks, as a result of an alleged £158 billion (R3.3 trillion) legal claim against its portfolio of assets. According to a PIC statement released on Monday, ‘Nedbank Private Wealth’, a Nedbank subsidiary previously affiliated with insurer Old Mutual, is alleged to have engaged in “bad business practices” in the UK and...

January 18, 2023

NewsPension Management, South Africa

16JanJanuary 16, 2023

South Africa. Struggle war vets demand R10.5bn payout

The 2 500-strong group of Liberation Struggle War Veterans are resolute in their demand for a one-off payment of R10.5 billion in reparations, amounting to R4.2 million per individual veteran, as part of their submissions on Monday on the proposed military pension legislation. Aside from this, the former soldiers, who fought during apartheid for the freedom of black people in South Africa, are also demanding the government pay a pension of R36 million per annum, which translates into R15 000...

January 16, 2023

NewsPublic Pensions, South Africa

23NovNovember 23, 2022

South Africa’s government workers march across major cities for higher pay

Thousands of South African government workers took part in nationwide demonstrations on Tuesday (Nov 22) to demand a 10% increase in their salaries. Negotiations between public sector unions and the government are deadlocked. The government is resolved to unilaterally implement a 3% pay hike, which hasn't satisfied the unions. In Pretoria, workers downed tools and marched to the offices of the national treasury to submit their demands. Employment minister Thulas Nxesi, a former trade unionist, was booed by workers as he arrived...

November 23, 2022

NewsIncome, South Africa

14NovNovember 14, 2022

South Africa. Unions and SOEs that fail to pay employee benefits are facing few to no consequences

Retirement, medical and other contributions deducted from employees’ salaries are not being paid to the relevant funds and schemes by some SOEs and unions. In a tough economic environment, unions and state-owned enterprises (SOEs) are starting to default on employee benefits such as retirement fund and medical scheme contributions. And there are apparently few to no consequences for this behaviour. Earlier this week, Pension Funds Adjudicator Muvhango Lukhaimane issued a ruling against the South African Transport and Allied Workers Union (Satawu)...

November 14, 2022

Newssavings, South Africa

03NovNovember 3, 2022

South Africa. Africa’s largest pension fund, the GEPF, is still backing SA and investments in the country

The Government Employees Pension Fund, which manages R2.24-trillion in pension savings belonging to 1.26 million public servants, is still optimistic about SA’s economy and investment prospects. It is allocating most of its capital to SA-based investments and backing state-owned enterprises. The continent’s largest pension fund is bullish about investments that are exposed to SA’s economy and has not taken a dim view on state-owned enterprises, despite many being regarded as basket cases. The Government Employees Pension Fund (GEPF) manages...

November 3, 2022

NewsPension Management, South Africa

19OctOctober 19, 2022

A leisurely retirement is further out of reach for most South Africans

Retirement. What does the word mean to you? For the enviable few who have built up a decent nest egg, retirement represents a life of leisure as compensation for years worked. But that is not the reality for most South Africans. When 10X Investments published its first South African Retirement Reality Report in 2018, it highlighted how poorly prepared working South Africans were for retirement. Subsequent reports, including the latest, released recently, have shown that the outlook is worsening by...

October 19, 2022

NewsPension design, savings, South Africa

17OctOctober 17, 2022

South African savings grew by 15.4% in 2021, report shows

Allianz unveiled the 13th edition of its Global Wealth Report, which puts the asset and debt situation of households in almost 60 countries under the microscope. In retrospect, 2021 might have been the last year of the old “new normal”, with bullish stock markets powered by monetary policy. Households benefitted handsomely: For the third year in a row, global financial assets grew by double-digits in 2021, reaching €233tn (+10.4%). In these last three years, private wealth increased by a staggering €60tn. This...

October 17, 2022

Newssavings, South Africa

09SepSeptember 9, 2022

South Africa. EPPF confirms repayment of R30m in Brian Molefe pension order

Molefe is applying for leave to appeal the high court judgment requiring him to return R10m to the fund, possibly delaying resolution of the matter: Lorato Aphiri – Legal Advisor, Eskom Pension and Provident Fund. FIFI PETERS: Let’s shift on to the latest happenings coming out of the Eskom Pension and Provide Fund. They’ve said that the former Eskom boss, Brian Molefe, is still not paying back the money that is owed to the pension and provident fund. This relates...

September 9, 2022

NewsPension Management, South Africa

22AugAugust 22, 2022

South Africa. One simple decision can cost you 41% of your retirement

On the back of the widely known statistic that over 90% of South Africans are not in a position to retire comfortably, FNB Employee Benefits has also noted a growing trend amongst SME employees not fully understanding or saving enough for retirement. “Although up to 70% of our commercial banking employers currently don’t offer formal benefits to their staff members, the small and medium businesses that do offer these benefits are concerned at the low rate of retirement saving from...

August 22, 2022

News2022, Saving, South Africa, Withdrawals

January 2023

South Africa. Take-home pay falls almost 5% in December, capping off dismal year, index shows

South Africa. PIC refutes government pension fund insolvency claims

South Africa. Struggle war vets demand R10.5bn payout

November 2022

South Africa’s government workers march across major cities for higher pay

South Africa. Unions and SOEs that fail to pay employee benefits are facing few to no consequences

South Africa. Africa’s largest pension fund, the GEPF, is still backing SA and investments in the country

October 2022

A leisurely retirement is further out of reach for most South Africans

South African savings grew by 15.4% in 2021, report shows

September 2022

South Africa. EPPF confirms repayment of R30m in Brian Molefe pension order

August 2022

South Africa. One simple decision can cost you 41% of your retirement