ANC in debt over R86m in staff provident fund contributions

The Financial Sector Conduct Authority has confirmed that the ANC owes R86 million in provident fund contributions for 535 of its staff members.

In a statement released on Wednesday, the FSCA says the party has not met its obligations in making regular retirement fund contributions.

This comes as ANC staff members have not been paid their June and July salaries, despite commitments from the mother body.

The party has been struggling with financial challenges over the past years, with workers having to strike every month before their salaries are paid.

It also owes the South African Revenue Service more than R102 million in tax debts.

The authority says an agreement has been reached with the ANC to R10 million per month into the fund until it is up to date again.

In the meantime, the ANC may not deduct any further provident fund payments from staff salaries.

“The party has to provide monthly confirmation to the FSCA that the employer is not making further deductions from employees’ salaries, if paid, in line with the amended fund rules; report monthly to the FSCA on the status of the arrear contributions and the employer’s adherence to its obligations as per the agreement with the Fund, and provide monthly updates to members of the Fund on the status of the arrear contributions,” says the FSCA.

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