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Thousands of employers in South Africa not paying pensions - R5 billion lost and counting

The article from BusinessTech discusses a significant issue in South Africa where thousands of employers are failing to pay over pension contributions, leading to a loss of approximately R5 billion. This problem has been highlighted by the Financial Sector Conduct Authority (FSCA), which has noted that many employers are either late or completely defaulting on their obligations to contribute to their employees' pension funds. This non-compliance not only affects the retirement savings of employees but also undermines the financial stability of pension funds. The FSCA has been actively engaging with employers and funds to address these defaults, but the scale of the issue suggests systemic problems in oversight and enforcement of pension regulations. The article also touches on the broader implications for the economy, as this loss impacts the financial security of a large segment of the workforce, potentially leading to increased poverty among retirees.

Read the Full businesstech.co.za Article at [ https://businesstech.co.za/news/finance/801200/thousands-of-employers-in-south-africa-not-paying-pensions-r5-billion-lost-and-counting/ ]