South Africa News

ANC ordered to pay outstanding pension fund money

The Financial Sector Conduct Authority (FSCA) has ordered the ANC to pay R10m monthly into its provident fund until arrear contributions have been cleared.

It’s concluded an enforceable undertaking with the ANC staff provident fund.

This agreement provides the Authority with broad powers aimed at rectifying any breach in the conduct of a regulated entity.

The FSCA found that the ANC failed to make regular retirement fund contributions for employees.

Source: eNCA