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Home Archive of News Latest News News Claims pouring in at TEBA Limited

Claims pouring in at TEBA Limited

There seems to be no end as former mineworkers or their beneficiaries continue to go to the Teba  offices or phone in claims for unpaid pension, provident fund and service-award benefits. The huge payout backlog has not had a negative impact as the company has been able to identify beneficiaries among the 1.5 million records.
Teba Limited CEO Dr Graham Herbert said that despite the walk-ins or phone calls there has been no refutation of an estimated total number of 200 000 people being owed an estimated R5-billion. He however attributed the backlog to the fact that mineworkers and their families where not adequately assisted with the application process and the lack of clarity about it services even though they are free to mine workers and their families but not mines.

It is these mines that have been given leeway to use a portion of the interest that has been accruing on the claims to help offset tracing costs thanks to changes to the Pension Fund Act. But the problem is resolvable as parties involved in the process of ensuring that the benefits are paid out include fund administrators, banks, regulators and former employers.

At a conference hosted by the Southern Africa Trust, the Ford Foundation and the Southern Africa Miners Association it came to light that unpaid amounts included R3 billion owed by the Mineworkers Provident Fund, R200-million by the Mines 1970s Fund, R101-million by the Sentinel Mining Industry Retirement Fund, R180-million by the Rand Mutual Assurance Company and R1.2-billion by the Fidentia-linked Living Hands Umbrella Trust.

Going forward a need for change was identified in order to prevent the current backlog growing even further.

Source: Teba.co.za



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