Archive of News
PSA and GEPF in court
- Published on 8 Aug 2016
- HR Pulse News Desk
This GEPF reduced the actuarial interest factors without following the consultation process as contemplated in the Pension Fund Act and Rules. Despite efforts by the PSA to have the GEPF reverse its decisions and consult before amending the actuarial factors, the GEPF
remains adamant and is proceeding with the implementation and pay-out of benefits according to the changed actuarial factors.
“The GEPF Law and Rules make various references to instances where negotiation or consultation is required with the Minister and/or employee organisations representing public servants prior to any amendment being made to, amongst others, the benefit structure of the
Fund. This approach was, however, not followed in this instance,” says Leon Gilbert, PSA Assistant General Manager: Interest.
“The matter is now in the hands of the Court and the PSA is awaiting the date for the matter to be set down. The PSA requires proper procedures to be followed and the process to be transparent to all stakeholders involved. The PSA remains committed to its duty to guard the rights and interests of all Public Sector employees who depend on the Union for protection,” says Gilbert.
Source: PSA Online
