PLEASE NOTE:

MyNews24 is a user-generated section of News24.com. The stories here come from users.

 
Bolsheviks Partysa
 
Comments: 20
Article views: 1044
 
 
Latest Badges:

 
View all Bolsheviks Partysa's badges.
 

The government employees pension fund and the questions?

16 July 2014, 07:37


The Government employs, more than a million civil servants, who diligently contribute towards the Government Employees Pension Fund (GEPF) and the fund to date must have accumulated billion of rands in reserves.

Yet as a government institution none of its members are even aware in the slightest of how their hard earned money is being invested and or used in order to accrue interest and or ultimately add to their benefit on retirement. The fund has become like a secret association, and with recent newspapers report, leaking on how the fund has invested into non performing ventures and mining activities makes one wonder what its financial standings is at the moment, and if all those loyal civil servants can still count on their benefits that they hoped for when retiring.

Mines are closing down as none performing, as their operational costs increases with higher wage demands and that as a consequence places the investment by the GEPF under a magnifying glass. It stands to lose millions in these investments that it made, and what about the property investments that it made, shopping centres erected and financed by investments from the GEPF that are standing vacant and that has no return on investment for its financiers?

The questions remain vast? Does the fund have the resources to eventually contribute to the demand that it will be subject to once they have to start paying out benefits?

One need to ask the question, and I don’t think it is unfounded or unwarranted that at present, with this non disclosure of its financial status, it has become a ‘pyramid scheme’ where people that are retiring on pension are being paid with contributions that are being received from employees that are still currently loyally contributing. No other conclusion can be made, as any person with a sound mind, reading the papers and applying basic mathematics and economics, can calculate that the fund is depleted if not technically insolvent where it’s possible future claims exceeds its liabilities that it will have to honour by billions!

Disclaimer: All articles and letters published on MyNews24 have been independently written by members of News24's community. The views of users published on News24 are therefore their own and do not necessarily represent the views of News24. News24 editors also reserve the right to edit or delete any and all comments received.
 

Read News24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
20 comments
Add your comment
Comment 0 characters remaining

Read more from our Users

Africa must break from negative n...

Despite decades of conflict, death and tragedy, coverage of issues in Africa has often been ignored, oversimplified, or excessively focused on limited aspects. Read more...

9 comments 263 views
Submitted by
Amaps
Let the Chuch be the help to the ...

So disappointing how the "church" which claims to be the body of Christ, its not as it should be, its operated like a corporate company. Read more...

66 comments 476 views
Submitted by
MarkH
South Africa: The reality show

I see a tendency – just love that word – developing lately of the regime – another old favourite – to spread far and wide as much confusion as possible, all involving spending my money, of course. Read more...

4 comments 335 views
Submitted by
SkerP
Memories of 2 February 1990

This year marks a quarter century since I matriculated. And, obviously, the same time has elapsed since the unbanning of the ANC. Read more...

5 comments 1012 views
Submitted by
MarkH
Civil war vs civil disturbance

I wrote this article after considering responses to an article on News24 yesterday, also the “attack” on the Bedford Gardens shopping mall, when I found myself pondering the differences between civil disturbance and civil war, and naturally the implications of both. Read more...

2 comments 376 views
Submitted by
Kalos eidos
Yes, there is a global agenda to ...

These words form the motto, mind- set, and goal of the world’s elite humanists, their establishment puppets and their rank and file useful idiots.  Read more...

51 comments 972 views

Jobs in Cape Town [change area]

Property [change area]

Travel - Look, Book, Go!

Kalahari.com - shop online today

Valentine’s Day gifts – 14 Feb!

Gifts to spoil him and her. While stocks last. Shop now!

Games on Sale!

Save up to 60% on selected games. While stocks last. Shop now!

Up to 30% off All Textbooks

Save up to 30% off an extensive range of prescribed textbooks for all major universities and FET colleges. Shop Now!

Save up to 40% on outdoor accessories!

Tents, sleeping, day packs and more. While stocks last. Shop now!

30% off fragrances

Get 30% off fragrances for him and her. While stocks last. Shop now!

OLX Free Classifieds [change area]

 

services

E-mail Alerts The latest headlines in your inbox

RSS feeds News delivered really simply.

Mobile News24 on your mobile or PDA

E-mail Newsletters You choose what you want

News24 on your iPhone Get News24 headlines on your iPhone.

SMS Alerts Get breaking news stories via SMS.

Blogs Your opinion on you, me and everyone.

Calais Website keywords automated by OpenCalais.

 
Interactive Advertising Bureau
 
© 2015 24.com. All rights reserved.
There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.




Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.