The social security and retirement reform discussion paper has given an outline of what South Africans can expect from the social security system, which should be be introduced in 2010. The contributions will be compulsory and will be collected by the South African Revenue Service from the employer.
Learn from me and stick to your budgets, was the clear message from the finance minister in his budget address to media this year, as he introduced the first surplus the government has ever run. The budget balance is expected to show a R5 billion surplus on a budget of R470 billion, just more than 1%.
When I find a good financial product I write about it because the media’s role should not just be to dish out dirt, but also to applaud when financial companies meet our needs. But I have to admit that two banks I have written about recently have let me down.
Crooked debt collectors and attorneys are pulling in close to R1-billion a year by overcharging often financially illiterate borrowers, estimates a company that helps employers rehabilitate debt-trapped employees. And there are fears that corruption in the debt-collection system will undermine the good intentions of the National Credit Act, which kicks in on June 1 this year.
No image available
/ 28 February 2007
Criminals are becoming more sophisticated each day as international syndicates team up with local criminals to obtain personal information from unsuspecting people and use this to access your bank accounts and even access credit in your name.
No image available
/ 19 February 2007
Despite a court ruling allowing Old Mutual to pay out only R2-million in terms of its surplus apportionment scheme, last week the company announced it would pay out the full R82-million as per letters sent to former pension-fund members in September last year.
No image available
/ 16 February 2007
The government is looking to create a compulsory earnings-related social security system that will include retirement benefits for all citizens. It will consult all interested parties. And there are unlikely to be shocks to the pension fund industry.
No image available
/ 12 February 2007
In a few weeks previous employees of Old Mutual may learn the fate of their portion of the pension fund surplus. This will determine whether qualifying former members of the Old Mutual company pension fund will receive a joint payout of R82-million or just R2-million.
No image available
/ 12 February 2007
If an asset manager can defraud a large pension fund such as the Mineworkers Provident Fund (MPF), we have to question the relative safety of our pension fund assets. What safeguards are in place and what exactly is the role of trustees and watchdogs? Fidentia Asset Management, along with two other sister companies, was placed under curatorship recently.
No image available
/ 3 February 2007
The <i>Mail & Guardian</i> has been investigating the practice of emolument attachment orders, which allows a lender to attach a portion of your salary. While we have focused on the abuses around this system, even if debt collectors are staying within the law, defaulting on a loan can cost you more than you could ever imagine.