Companies EXPOSED by two-pot retirement system for not paying employee pensions
Some employees have gone to draw funds only to find their pensions have not been paid to administrators.
Picture: Pixabay.com
Lester Kiewit speaks with Pension Fund Adjudicator Muvhango Lukhaimane.
Listen below.
Thousands of South Africans have decided to draw from the savings portion of their two-pot retirement funds.
However, some are in for a nasty surprise as several companies have not been paying employee funds to administrators.
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Security firms, retailers, municipalities, a church and a renowned fashion designer have all come under fire for deducting pensions from employee salaries and not paying them over.
Lukhaimane says that in the past financial year, 82% of the complaints they finalised were about employers not paying over their contributions.
“It is really across all sectors.”
- Muvhango Lukhaimane, Pension Fund Adjudicator
She adds that members are supposed to receive a benefit statement at the end of every financial year.
If you do not receive it, she says it is a red flag and you must raise it.
Scroll up to the audio player to listen to the interview.