South African employers owe over R5.2bn in pension fund arrears.
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GUEST – Zareena Camroodien, Head of Fund Governance and Trustee Conduct at the FSCA.
The FSCA said in a statement that it had published the names of 2,330 employers that had contravened section 13A of the Pension Funds Act, which prescribes the manner in which the payment of contributions and other benefits should be made to a retirement fund. The FSCA had the names of 7,770 employers that had contravened the act from end-December 2023 and had decided to publish 2,330 of them.
These included 2,003 employers which had outstanding contributions that amounted to more than R50,000 and had been outstanding for a period of more than five months; 200 employers that had outstanding contributions of more than R50,000 but the last contribution date had not been provided; 113 employers whose outstanding contributions were less than R50,000, but where the outstanding late payment interest was more than R50,000 and had been
outstanding for more than five months; and 20 employers that had not contributed since the date of participation in the fund. The balance of 5,440 employers were not included in the publication as they did not meet the stipulated thresholds.
The FSCA said in a statement that it had published the names of 2,330 employers that had contravened section 13A of the Pension Funds Act, which prescribes the manner in which the payment of contributions and other benefits should be made to a retirement fund. The FSCA had the names of 7,770 employers that had contravened the act from end-December 2023 and had decided to publish 2,330 of them.
These included 2,003 employers which had outstanding contributions that amounted to more than R50,000 and had been outstanding for a period of more than five months; 200 employers that had outstanding contributions of more than R50,000 but the last contribution date had not been provided; 113 employers whose outstanding contributions were less than R50,000, but where the outstanding late payment interest was more than R50,000 and had been
outstanding for more than five months; and 20 employers that had not contributed since the date of participation in the fund. The balance of 5,440 employers were not included in the publication as they did not meet the stipulated thresholds.