FSCA warns ANC of penalties over provident fund contributions

FSCA warns ANC of penalties over provident fund contributions

South Africa’s monetary watchdog has instructed the governing social gathering to pay R10 million each month to clear its R86 million debt in provident fund contributions for its staff.

An ANC flag at Luthuli Home. Image: Abigail Javier/Eyewitness Information

JOHANNESBURG – The Monetary Sector Conduct Authority (FSCA)’s commissioner Unathi Kamlana stated that it could be pressured to take extra regulatory motion in opposition to the African Nationwide Congress (ANC) ought to it fail to pay provident fund contributions for its employees members.

South Africa’s monetary watchdog has instructed the governing social gathering to pay R10 million each month to clear its R86 million debt in provident fund contributions for its staff.

Greater than 500 employees have been diddled out of their pension fund financial savings after it emerged that the governing social gathering had did not pay common retirement contributions, including to the desperation of staff who’ve been struggling to make ends meet after not being paid for months.

The ANC, which regularly fails to pay salaries, owes R 86 million in provident fund contributions for about 535 members.

The Monetary Sector Conduct Authorities stated it had reached an settlement with the seemingly cash-strapped social gathering to make month-to-month contributions to the fund.

Commissioner Unathi Kamlana stated that failure to stay to this dedication would have penalties.

“Then we will probably be pressured to contemplate different regularity actions given the curatorship, liquidation and so forth. We aren’t there proper now and it is a step that’s legally binding that we will use to implement what we see as necessities to be complied with,” Kamlana stated.

The social gathering has been fighting cash-flow challenges over the previous years, with staff having to strike each month earlier than their salaries are paid.

It additionally owes the South African Income Service greater than R102 million in taxes.

Source

Leave A Reply

Your email address will not be published.