TIISETSO MOTSOENENG: SA’s pension system reveals its dark side
Workers are effectively being robbed by employers shirking their legal duty to pay contributions
SA’s pension system is in turmoil. Nearly 8,000 employers have failed to pay their pension contributions, leaving a gaping hole in the financial security of hundreds of thousands of employees. This is a form of daylight robbery, a betrayal of trust and a glaring indictment of a system that is meant to protect our hard-earned money.
The Financial Sector Conduct Authority (FSCA), the industry watchdog, published a list of employers who are in arrears (https://www.businesslive.co.za/bd/national/2024-11-24-employers-owe-r5bn-in-pension-fund-arrears/), shedding light on the extent of the problem. But let’s be clear: highlighting the problem is not enough. The FSCA’s role is not merely to act as a messenger; it is to enforce compliance and ensure that the rules are followed...
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