Ruling party must make monthly payments of R10m until the R86m in accumulated contribution arrears are extinguished
The Financial Sector Conduct Authority has ordered the ANC staff provident fund to compel SA’s ruling party to settle about R86m in accumulated contribution arrears that it owes members of the fund.
The authority signed an enforceable undertaking with the ANC staff provident fund this month, requiring it to ensure that the ruling party pays R10m into the fund each month until its accumulated contribution arrears have been paid in full. The ANC staff provident fund, is a defined contribution fund with about 535 members...
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