Billions lie unclaimed in miners fund
Retirement savings have not been distributed because 3.5-million apartheid-era workers from Southern Africa cannot be traced
A total of R30bn lies unclaimed from the pension and provident funds of former miners who worked under apartheid but never received their money, according to Health Minister Aaron Motsoaledi. At the Smart Investments in Health conference in Johannesburg on Wednesday, Motsoaledi told international health experts and delegates from about 10 Southern African Development Community countries, including from mining companies and trade unions, that the payment mechanisms for mining compensation and pension fund distribution had proved to be inefficient and that efficient systems were needed to standardise processes. The local mining industry has always relied on migrant labour from Lesotho, Zimbabwe, Mozambique and other neighbouring countries. Motsoaledi said only 6,500 people had been compensated to the value of R220m so far, with about R88m of that going to foreign nationals. The money is due to 3.5-million workers in Southern Africa whom the department says it is unable to trace. Some ...
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