oa De Jure - Paying the price for being a careless employer or simply rewarding myopic employees
Malatji v Gauteng Building Provident Fund, Alexander Forbes Financial Services (Pty) Ltd and LR Civil (Pty) Ltd (PFA/NP/9447/2011/LMP) (unreported) : recent case law
The risk of becoming old and, as a result, not being able to participate or continue participating in the labour market and earn a living for oneself and dependants as well as the risk of dependants falling on hard times due to the passing on of the breadwinner are catered for in the South African social security system. One way in which these risks are covered in South Africa is by means of retirement funds (i.e. pensions fund and provident fund). It is estimated that there are about 3000 active retirement funds in South Africa (National Treasury Charges in South African Retirement Funds (National Treasury (2013)) 4). Being social insurance funds, the retirement funds are contributory-based. For a person and/or his or her dependants to enjoy the protection provided (such as death, disability and funeral benefits) he or she must be a member.
Article metrics loading...