PRESS RELEASE: SAPTU concerned about process to change retirement funds

SAPTU is very concerned about the minister of finance, Tito Mboweni’s announcement during his medium-term budget speech that the government has initiated a process to review Regulation 28 regarding retirement funds.

SAPTU, as an affiliate of FEDUSA, recently attended a workshop with various experts and stakeholders to discuss the safeguarding of pensions, retirement benefits and lifetime contributions for workers. The roleplayers agreed to draft a charter to protect these principles.

“This seems like a ploy of the government to get their hands on the country’s retirement funds,” says adv Ben van der Walt, the general secretary of SAPTU. “They cannot simply change the law to do this. A charter should protect the retirement funds of workers.”

Seen against his plans to cut the salaries of civil servants, the minister’s announcement about the further allocation of billions of rands for the failing entities SAA and the Land Bank also seem suspicious.

“Why is he throwing even more money down the dark, bottomless pit of failing state-owned entities when universities are worried about their survival and levels of quality because of dwindling funds?” he wants to know. “With many of our members working at tertiary institutions, SAPTU was hoping that the minister would give more clarity about the future of subsidies at universities. His silence on the matter is alarming.”

SAPTU hopes that the minister’s reference to an allocation for the health sector includes more protective wear and equipment for testing.

“Our members at the NHLS work on the forefront against Covid-19, but often without the proper tools to do so,” he says. “We need to know that they will be safe while doing their important work.”

Issued by:                  SAPTU
Date:                           28 October 2020

Enquiries:                  Adv Ben van der Walt, General Secretary SAPTU                                           Email: