By Jonews Reporter
THE City of Johannesburg wants to set up a uniform retirement fund, which will cater for all employees, irrespective of race.
Currently, the city is required to contribute to eleven retirement funds most of which are inherited from previous local authorities.
Council says that contributions to the existing retirement funds perpetuate racial discrimination and that they contain benefits that are unaffordable to the city.
A transformation process of retirement funds is currently underway, and current and former employees are invited to participate by submitting comment to the city's proposals.
This initiative is aimed at promoting equity with regard to contributions and benefits of pension funds, says council.
A consultation process with stakeholders, Including Unions and Pension Funds began earlier this year.
Information documents regarding the transformation process are available here:
- Transformation of Pension Funds in the City
- Information Document Concerning The Proposal By The City Of Johannesburg And Its Utilities, Agencies And Corporatised Entities ("Uac's") On The Transformation Of Retirement Funding Arrangements For Employees.
Comments on the proposals outlined in the documents should reach Nomsa Mgida through fax (011) 403 1012 or email nomsamg@joburgorg.za by no lotel than 31 March 2003.
