South Africa ANC Stealing Pension Fund With Ease

South Africa

The African National Congress (ANC) ruling party of South Africa are now able to steal and eat the workers’ pension and provident fund money with ease, and as fate would have it, the ANC have apparently started stealing the money. The United Democratic Movement’s (UDM) Bantu Holomisa has filed a complaint with the Public Protector, Thuli Madonsela. Holomisa is alleging that the ANC took money from the Public Investment Corporation (PIC), the government employee pension fund manager bequeathed to the country by the previous government of Bophuthatswana, to pay the December salaries of ANC staff. The ANC allegedly also took money from the PIC to fund its January 8 bash, held in Rustenburg two weeks ago.

South African President Jacob Zuma recently signed a new tax bill into law prohibiting workers from accessing all pension and provident funds without consultation. The Congress of South African Trade Unions (COSATU) is angry and has started to tell members not to vote for the ANC in the upcoming local government elections. After the ANC went on a borrowing spree, sucking the state coffers dry, they now want unlimited access to the workers’ pension and provident funds.

The ANC is doing exactly what former apartheid president P.W. Botha’s regime started doing. Although what the Botha regime did was use the money from the Government Employee Pension Fund (GEPF) to fund government programs. The ANC is obviously going to steal it for the party and individual benefits. The GEPF was saved by the Bophuthatswana Fund with its SEBO, what is today called the Public Investment Corporation, which invested in shopping malls, office blocks, the hotel industry, private hospitals, and other vehicles that generated revenue over and above the employee contributions. That fund took GEPF from 57 percent funded to fully funded.

The voters go around wearing “ANC 104th Birthday” t-shirts, probably bought with money stolen from the retirement savings of the public servants in South Africa. The ANC’s South African Democratic Teachers Union (SADTU) is also in the mix, saying public servants’ retirement savings should be used to fund universities, irrespective of whether those officials have children in universities or not. It is now open season on the public servants’ pension fund. The stealing and eating time is upon South Africa, and it can only point to a disastrous future.

Holomisa never rushes to the public protector without substance, and the allegations have merit. The ANC’s Zizi Kodwa has already attacked and accused Holomisa of grandstanding. It is the arrogance and abuse of power, that is a prioritized agenda, which rises above all the problems South Africa is facing. The ANC has been caught with its hand in the cookie jar, and Kodwa, speaking on behalf of the ANC, will never admit to the truth.

The ANC has plundered and exhausted state resources, including the money they have borrowed; now the ruling party will exhaust the workers’ money. It is like a father stealing all the family money, selling the property, and raiding the children’s money box.

South Africa needs intelligent voters, not emotional ones. It is sad that in South Africa, there are millions of uneducated people who always vote for the ANC. The real reason for passing legislation to hold on to workers’ money is not just to look at the estimated 1.5 trillion ZAR fund; it is to steal the money. The election campaign needs to be funded, and with the pension money, it will now be easier for the ANC, which does not care.

Opinion by Laura Oneale and Claus Tlhapane

News24: You can’t trust the ANC with workers’ money – Holomisa
BDLIVE: Holomisa claims PIC funded ANC in complaint to public protector

Photo Courtesy of Government ZA’s Flickr Page – Creative Commons License

24 Responses to "South Africa ANC Stealing Pension Fund With Ease"

  1. South Africa   February 12, 2016 at 2:56 am

    they should increase these funds for employees.

  2. Kevin   January 28, 2016 at 9:40 pm

    Ah, a member of the ostrich family!

  3. sam30sam   January 27, 2016 at 7:28 am

    After 33yrs in public service, I got a hunch last year to resign .I was tired, disappointed and suspicious of the ANC. After the Nkandla episode everything became crystal clear to me. The man with seven wives and his entourage will turn to the GEPF to plunder. So I resigned December’15. The Bishop was right, ” the anc is worse than the apartheid government” My prophesy for South Africa is, One day SA will belong to the Chinese if we do not get rid of the anc shortly.Just as the settlers came here in 1652, finding humans wearing velletjies, with no education system, no organized labour,and agriculture, no economy, nothing, only a people very ignorant , so will those ignorant anc supporters once again be colonized but this time by the East, China.! They are already talking about teaching mandarin in our schools. ISukkizakki, acha!!

    • Kevin   January 27, 2016 at 9:19 am

      Ag, what’s the difference, Asians, Europeans, it’s really the same kind of slavery. Don’t you worry now, Africa will persevere.

  4. Concerned   January 27, 2016 at 6:20 am

    It is a rather disgusting way to destroy a country by putting it into law to take the peoples pension money. What will happen when the time comes to retire. There won’t be any money to pay out. I guess it is a good thing there are millions of people leaving South Africa. Because i am pretty certain that other countries like Australia, New Zealand, EU, UK, US, Canada don’t steal your pension funding or savings.

    • Kevin   January 27, 2016 at 9:10 am

      Actually, all those countries have this in law already (ok, the US doesn’t and the EU of course is not a country, but Germany etc. all have the same laws). SA decided not to do it initially (we followed more of a US model because we thought the other model was a bit too ‘socialist’).

  5. allimuthu   January 26, 2016 at 7:02 pm

    The money belongs to the employee who invested in the PIC

  6. Vikki Allen   January 26, 2016 at 9:43 am

    I would not be surprised, it seems SARS ran out of money in October so they have to find a new source to plunder. If you are waiting for a refund, don’t hold your breath.

  7. Amanda   January 26, 2016 at 1:07 am

    Kevin, you are an idiot!

  8. Kevin   January 25, 2016 at 2:02 pm

    People, please educate yourself and don’t believe what this uneducated person is saying. Some simple google searches will show she doesn’t know what she’s talking about. I smell another Penny Sparrow.

  9. Kevin   January 25, 2016 at 1:54 pm

    Wow, so much of inaccuracies in one article. For example, PIC was started in 1911, far before any homeland (like Bophutswana) was even dreamed of by the Apartheid government. You cannot claim incorrect facts as an opinion.

  10. Ziu   January 25, 2016 at 5:34 am

    Subhuman filth. They are truly a CANCER of this land.


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