FSCA: 16,000 employers default on pension contributions

The Financial Sector Conduct Authority has published the names of 16,556 employers who have defaulted on pension contributions. This has affected more than 500,000 retirement fund members, leaving R8.3 billion in unpaid contributions. The regulator says municipalities, particularly in the North West and Free State, remain among the biggest defaulters, while unpaid contributions have increased by 14% over the past year. FSCA conduct supervision specialist analyst Keabetswe Tsuene discusses the impact of the growing pension debt and the measures being taken to hold defaulting employers accountable. Follow us on our new Facebook page: https://tinyurl.com/2p9m6y52 #Newzroom405 Tune into Newzroom Afrika DStv channel 405 for more.