{"id":62383,"date":"2024-03-08T15:24:08","date_gmt":"2024-03-08T15:24:08","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/anc-pushing-apartheid-era-pensions-rule-looking-for-more-money"},"modified":"2024-03-08T16:36:33","modified_gmt":"2024-03-08T16:36:33","slug":"anc-pushing-apartheid-era-pensions-rule-looking-for-more-money","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/anc-pushing-apartheid-era-pensions-rule-looking-for-more-money","title":{"rendered":"ANC pushing apartheid-era pensions rule looking for more money"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>South Africa\u2019s ruling African National Congress (ANC) will forge ahead with plans to revive an apartheid-era rule compelling pension funds to plow money into certain government-approved investments, assuming it retains power in upcoming elections.<\/p>\n

\u201cImmediately after elections we have to get into it,\u201d Zuko Godlimpi, deputy chair of the ANC\u2019s economic transformation committee, told Bloomberg in Johannesburg on Wednesday.<\/p>\n

Unveiling its manifesto last month, the ANC pledged to transform the financial sector to ensure it makes adequate funds available for the nation\u2019s industrialization and economic development by introducing prescribed assets.<\/p>\n

The rule, was created in 1956 during White-minority rule to force investment in government bonds but was scrapped decades later. Plans to revive it have been criticized by the pension industry, which fears funds may be threatened if invested in under-performing state-owned enterprises.<\/p>\n

The ANC is examining the measure amid pressure to restore its appeal with voters ahead of the May 29 ballot, in which it is at risk of losing its national majority for the first time since taking power in 1994.<\/p>\n

Goldimpi dismissed opinion polls suggesting the party\u2019s support will fall below 50% and said there were no discussions about forming a coalition.<\/p>\n

Still, the need to revive growth and tackle one of the highest unemployment rates in the world means steps are needed to use the wealth of the country\u2019s financial sector to boost the economy.<\/p>\n

He said the range of prescribed assets would go beyond investing in government bonds to support struggling state-owned firms such as Eskom SOC Ltd. and Transnet SOC Ltd., which are in desperate need of funding after years of mismanagement, theft and under-investment.<\/p>\n

\u201cThe prescribed assets conversation is about rebasing pension fund investment in productive assets,\u201d Godlimpi said, adding that there was an assumption that it was all about Eskom and Transnet.<\/p>\n

\u201cIt is not just that,\u201d he said, stressing that the financial sector would be consulted. \u201cIt is about investing in different classes of assets, including private assets themselves, but that are consistent with our industrial output that we are seeking,\u201d he said.<\/p>\n

Such a move would also tackle the over-concentration of the country\u2019s retirement savings in the companies listed on the Johannesburg Stock Exchange, Godlimpi said, arguing that the distribution should be more spread out to other asset classes.<\/p>\n

Most investment is \u201cin telecoms, retail and therefore not the most productive sectors of the economy,\u201d Goldimpi said.<\/p>\n

Like many countries, South Africa\u2019s pension industry is already closely regulated in terms of what it can purchase, including a rule capping investment in international assets at 45%.<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. South Africa\u2019s ruling African National Congress (ANC) will forge ahead with plans to revive an apartheid-era rule compelling pension funds to plow money into certain government-approved investments, assuming it retains power in upcoming elections. \u201cImmediately after elections we have to get into it,\u201d Zuko Godlimpi, deputy chair of the ANC\u2019s economic transformation […]<\/p>\n","protected":false},"author":84,"featured_media":62382,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,12],"tags":[274,315,275],"class_list":["post-62383","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-policy","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"\nANC pushing apartheid-era pensions rule looking for more money - South Africa<\/title>\n<meta name=\"description\" content=\"South Africa\u2019s ruling African National Congress (ANC) will forge ahead with plans to revive an apartheid-era rule compel ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/anc-pushing-apartheid-era-pensions-rule-looking-for-more-money\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ANC pushing apartheid-era pensions rule looking for more money\" \/>\n<meta property=\"og:description\" content=\"South Africa\u2019s ruling African National Congress (ANC) will forge ahead with plans to revive an apartheid-era rule compel ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/anc-pushing-apartheid-era-pensions-rule-looking-for-more-money\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-03-08T15:24:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-08T16:36:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/03\/sm_1709903035.098645.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"768\" \/>\n\t<meta property=\"og:image:height\" content=\"512\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/anc-pushing-apartheid-era-pensions-rule-looking-for-more-money#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/anc-pushing-apartheid-era-pensions-rule-looking-for-more-money\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"ANC pushing apartheid-era pensions rule looking for more money\",\"datePublished\":\"2024-03-08T15:24:08+00:00\",\"dateModified\":\"2024-03-08T16:36:33+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/anc-pushing-apartheid-era-pensions-rule-looking-for-more-money\"},\"wordCount\":448,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/anc-pushing-apartheid-era-pensions-rule-looking-for-more-money#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/03\/sm_1709903035.098645.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Africa\",\"South-Africa\"],\"articleSection\":[\"all news\",\"policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/anc-pushing-apartheid-era-pensions-rule-looking-for-more-money#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/anc-pushing-apartheid-era-pensions-rule-looking-for-more-money\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/anc-pushing-apartheid-era-pensions-rule-looking-for-more-money\",\"name\":\"ANC pushing apartheid-era pensions rule looking for more money - 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