The new two-pot pension scheme has exposed thousands of companies and municipalities who are guilty of stealing their employees’ money.
Of all the heinous crimes out there – and there are plenty in this lawless country – few are more callous and far-reaching than the withholding of employee pension fund contributions by employers.
This is stealing the future of a person, finish en klaar. In any country claiming to be half civilised, this would be reprehensible but in a developing country – where such money could mean the difference between a person living acceptably or in poverty in their old age – this is despicable.
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The new two-pot pension scheme has exposed thousands of companies and municipalities who are guilty of this theft of their employees’ money.
When people tried to withdraw from their saving “pot”, many were confronted by the reality that they could not, because their employers were in arrears with retirement fund contributions.
This money had been deducted every month from their salaries, but had not been paid over to the retirement funds.
Those affected include the workers from 166 municipalities, such as Randfontein, Musina, Makhado, Madibeng, Mogale City, George, Mossel Bay, Emalahleni, Rustenburg and the West Rand district municipality, according to a list of employers who are in arrears with pension fund payments for more than four months the Financial Sector Conduct Authority issued.
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The list contains the names of about 4 000 employers who had outstanding contributions by 31 July last year.
It also includes 2 345 employers who are in arrears with the Private Security Sector Provident Fund, 78 employers in arrears with the Engineering Industries Pension Fund, 285 for the Metal Industries Provident Fund and 502 for the Transport Sector Retirement Fund.
We urge the authorities to arrest those responsible and charge them with theft, because this is no civil claim.
And, of course, the money must be repaid – with interest.
