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BDLive reports that public sector trade unions are gearing up to challenge in court a decision by the Government Employees Pension Fund (GEPF) to amend the formulae used to determine payments to members who retire or resign early.
Solidarity was the first union on Wednesday to lodge a class action lawsuit against the GEPF in the High Court in Pretoria on behalf of fund members. More trade unions are set to follow. The fund is compulsory for public servants and is governed by its own set of legislation. In terms of its relief, Solidarity will be seeking that the old GEPF funding formulae be reinstated, that any difference in payments be made to the beneficiaries and that interest on these amounts be paid at a rate of 10.25%. Solidarity CE Johan Kruger indicated that, while the new formulae were not yet available, the difference between the new and old formulae for one member represented about R170,000 — or 7% — less than what he or she thought he would get. The GEPF said on Wednesday that it would defend the matter.
- Read this report by Karl Gernetzky in full at BDLive
- Read too, Solidarity launches class action against GEPF, at Moneyweb
Get other news reports at the SA Labour News home page