PLEASE NOTE:

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

 
Bolsheviks Partysa
 
Comments: 20
Article views: 1056
 
 
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

Submitted by
Tendani Siala
African leaders to blame for xeno...

As a true patriotic South African I salute the president for speaking the truth which hitherto our government has been very afraid to speak. Read more...

31 comments 1650 views
Submitted by
jeremy thorpe
Load-shedding/BEE - a non-PC view...

It’s a political potato so hot that you’re going to get your fingers burned if you even whisper such a thing. Read more...

10 comments 1400 views
Submitted by
Mmakola Bpsa
A party in trouble and now all th...

Dr Mathole Moshekga’s attack against Advocate Thuli Madonsela in the last couple of days is a true reflection of the face of the ANC. Read more...

10 comments 1111 views
Submitted by
Ronell Bothma
A holiday rip-off

I purchased a membership from a holiday company valued at R5649-00, which was supposed to be a good deal.  Read more...

14 comments 4822 views
Submitted by
Mq Moyo
Religious freedom under attack

There is an increasingly potent ‘attack’ on freedom of religion that is coming to the fore, and its coming from an unlikely source, sexual desire. Read more...

108 comments 1104 views
Submitted by
Facebook user
Earthly Supernatural phenomena , ...

The Author of this article does not wish to assert his postulations as truths; it should therefore be read as something that provokes thoughts rather than disturbing the peace.  Read more...

117 comments 861 views
 

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.

News24 on Android Get the latest from News24 on your Android device.

SMS Alerts Get breaking news stories via SMS.

Blogs Your opinion on you, me and everyone.

 
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.