PLEASE NOTE:

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

 
Bolsheviks Partysa
 
Comments: 20
Article views: 948
 
 
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
Danie Strijdom
AIDS, Acronyms and Game Theory

Last night I attended an interesting event hosted by a society I belong to. Our speaker was a young virologist, Dr Britta Flach, who told us all about the HIV virus and how finding a vaccine for HIV has been a very tough road to navigate for scientists working in the field.  Read more...

8 comments 413 views
Submitted by
Wayne Russell
Consequences for misbehaviour

I attended primary and high school in the Eastern Cape. I remember receiving jacks from teachers and administrators until Grade 10. Not many smacks, but enough to recall a few. Read more...

13 comments 1194 views
Dat Plane in Ukraine, Putin & a C...

As a last word... I crack myself up! Hysteria is the only option. Read more...

24 comments 556 views
Submitted by
Soka Mthembu
Submitted by
Lion87
A Letter to Danny Jordaan

The administration are so incompetent it makes the ANC seem like the excellence of the Swiss!  Read more...

19 comments 2277 views
Traveller from Kasi

Let’s just face it, travelling can be a bliss. Read more...

10 comments 600 views

Jobs in Cape Town [change area]

Property [change area]

Travel - Look, Book, Go!

Magical Massinga

Spend 5 nights at the gorgeous Massinga Beach Lodge in Mozambique and only pay for 4 from R13 220 per person sharing. Includes return flights, accommodation, transfers and romantic turndown. Book now!

Kalahari.com - shop online today

Up to 60% off - clearance sale!

Save up to 60% on appliances, books, electronics, toys, movies and more. Offer valid while stocks last. Shop now!

Deal of the Week!

Get bestselling John Green novels now just R99 each! Hurry and get yours while stocks last. Shop here.

Mind blowing deals on beauty & fragrances

Save up to 30% off beauty and fragrances. Offer valid while stocks last. Shop now!

Up to 50% off hair care products!

Save up to 50% on professional hair care products at kalahari.com. Offer valid while stocks last. Shop now!

30% off academic books

Score a mind blowing 30% off academic books! Offer valid while stocks last. Shop now!

OLX Free Classifieds [change area]

Samsung Galaxy s4

Mobile, Cell Phones in South Africa, Western Cape, Cape Town. Date October 24

Best bargain in big bay

Real Estate, Houses - Apartments for Sale in South Africa, Western Cape, Cape Town. Date October 25

VW Golf 6, 1.6 Trendline (Excellent condition)

Vehicles, Cars in South Africa, Western Cape, Cape Town. Date October 25

 

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
 
© 2014 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.