Former Bosasa Workers Still Waiting for R2.1m in Benefits
News Summary
Thousands of former Bosasa employees have been waiting for years for their retirement money. Sanlam says it still owes over R2 million to eligible workers.
Originally reported by TimesLIVE.
Why It Matters
When a big company goes bankrupt, workers often worry about their retirement money. This is what happened with Bosasa. Many former employees are still waiting for the money they are owed from their provident fund. This is important for all workers to understand.
Why you should care
Your retirement fund is your money. Your employer puts money into it while you work. If the company closes down, you still have a right to that money. But you must claim it. The process can take years. You need to send in the correct documents. If you don't, you could lose your benefits.
- Always keep your pension fund statements safe.
- Update your address with the fund administrator.
- If you change jobs, check if you have money in the old fund.
What to do if your company closes
Contact the fund administrator quickly. Ask what documents they need. Fill in claim forms carefully. Keep copies of everything. You can also ask the Labour Department for help.
Many workers don't know they have unclaimed benefits from old jobs. You can search for unclaimed money. This could be life-changing.
Skills In Demand
From Live Job DatabaseCareer Tip
"If your company is closing or has closed, act fast. Contact the pension fund administrator. Keep your ID, proof of address, and employment letters. Ask for a benefit statement. If you are unsure, check with the Financial Sector Conduct Authority for help."
