Loyiso Langeni
05 August 2013
The Democratic
Alliance said it is shocked that the Government Employee Pension Fund can only
afford to hold 5.9 percent of its recommended emergency reserves.
Chairman of the
fund Arthur Moloti revealed that the 5.9 percent holding is a significant
decrease from the 19 percent of the desired level for the emergency reserve, as
reported in the GEPF annual report.
DA MP Deputy Shadow
Minister of Finance David Ross said the GEPF is falling to
turn the situation around.
Ross added that the
concerning issue is the level of the contingency reserve fund might leave
pensioners vulnerable because of the significant drop of emergency reserve.
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