ANC owes R 86m to Provident Fund

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ANC in hot water for failing to make monthly contributions to the retirement fund.

The Financial Sector Conduct Authority (FSCA) has instructed the ANC to pay R10m a month to its staff provident fund, which is about R86m in arrears.

The agency released a statement on Wednesday about the agreement they have reached with the organization after intervening in the matter on behalf of 535 employees.

“The ANC, which is a participating employer in the fund, has not met its obligations in terms of making regular retirement fund contributions into the fund.”

“The FSCA has been regularly engaging with the fund, as it does with any fund, on its obligations to members. These engagements have culminated in a published enforceable undertaking (EU) being concluded with the fund and which requires the fund to, inter alia, enforce an agreement reached with the employer to pay a sum of R10m every month into the fund until the arrear contributions are extinguished.”

Earlier this year the organization [ANC] found itself in the headlines for failure to pay it’s staff whom some say even at this stage they haven’t been paid for three months.

They are yet to release a statement to respond to the FSCA statement.