Data shared to track down ex-miners owed billions in unclaimed benefits
Commission and retirement fund administrators share information to help locate former workers to pay out unclaimed compensation payouts
The Compensation Commission for Occupational Diseases is sharing data with retirement fund administrators to track down former miners with unclaimed benefits worth an estimated R4bn. The collaboration holds hope for some of the 3.5-million beneficiaries owed R42bn in unclaimed benefits held by retirement fund administrators at the end of 2016, according to the Financial Sector Conduct Authority, previously known as the Financial Services Board. The Compensation Commission for Occupational Diseases had already identified 7,000 former Harmony mine workers who were collectively owed R1.7bn in unclaimed retirement benefits, commissioner Barry Kistnasamy said. Thirteen former miners were unaware that they were each owed more than R1m, he said. The commission provides compensation to miners who contract lung diseases and is collaborating with several pension and provident funds to identify former mine workers on its files who have unclaimed retirement benefits. "We have signed agreements ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.