South Africa's financial watchdog says it has reached an agreement with a pension fund for ANC employees to get the party to pay it R10 million a month until its arrears are cleared. | Fin24
South Africa's financial watchdog says it has reached an agreement with a pension fund for ANC employees to get the party to pay it R10 million a month until its arrears are cleared.
"The African National Congress, which is a participating employer in the fund, has not met its obligations in terms of making regular retirement fund contributions into the fund," it said. The FSCA announcement shows that the party has also been deficient in paying contributions to the pension funds of employees.
The fund will also need to provide monthly updates to the FSCA about things like deductions from employees' salaries and how much it still needs to pay. READ |Mvusi Mdala, a representative of ANC employees, said if the party did indeed pay the R10 million per month as outlined in the agreement, he hoped it would not come"at the further expense" of employees.
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