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Government pushes ahead with new pension fund

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Government is pushing ahead with the introduction of a new all-embracing pension fund. But with trust between government and other social partners at an all time low, there are concerns that such a fund could be open to political abuse. The National Social Security Fund will combine all existing pension funds, public and private into..
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Foster grants system is about to collapse – Bathabile Dlamini’s next national embarrassment?

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The department of social development may find itself in a similar situation with foster care grants as it did earlier in 2017 when it missed the Constitutional Court’s deadline to take over the payment of social grants. According to GroundUp, thousands of foster care placement orders will expire on December 31, which means that the..
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No end to SAA’s nightmares

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The nation’s beleaguered airline has breathing room until October 31 — Halloween, after which its debt demons may return to haunt it with a vengeance. It is understood that most of SAA’s lenders have agreed to roll over the outstanding debt that came due at the end of September for one more month while negotiations..
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SABC has another problem: people have stopped paying TV licences – wonder why??

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The SABC’s latest annual report shows a drastic decline in revenue from TV licences. According to the 2017 report, revenue of R847.4 million was collected through television licence fees. This figure is R449.4 million – 34.7% – below budget, representing a decrease of R178.5 million – 17.4% – compared to the previous year. “The revenue..
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R60m fraud case involving a former Petro-South Africa manager

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The Hawks arrested Petro SA’s corporate social investment manager Matshidiso Mogashoa for alleged fraud of more than R60 million. According to the Hawks, the crimes were committed between 2007 and 2011. Once again the question arises how a person can steal money, and Petro SA takes almost 10 years to realize that the money is..
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SASSA IRREGULAR EXPENDITURE GROWS TO R1.4 BILLION

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In Sassa’s latest financial statements tabled in Parliament on Friday, the Auditor General says the agency did not take effective steps to prevent the irregular expenditure. The Auditor General has deemed the R43 million spent by the South Africa Social Security Agency (Sassa) on so-called work streams to have been irregular. In Sassa’s latest financial..
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National Treasury captured by Finance Minister Gigaba?

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Officials in the Treasury accused the finance minister, Malusi Gigaba, of hijacking the treasury by running a parallel administration. This he did by appointing about 20 confidants in his office. In this public attack on Gigaba, it is claimed that he decided to delay a forensic investigation into Eskom contracts with Tegata. The allegation also..
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The true financial cost of Hurricane Jacob

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Over 1 month, six months, one year, three years and even five years. In rand as well as US dollars. Against the developed world and now also against the emerging market world. Take your pick; it doesn’t matter. These are the current facts of the returns of the Johannesburg Stock Exchange relative to the major..
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Energy minister slips up on oil plan

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Minister of Energy Mmamoloko Kubayi is backtracking on the investigation into the sale of the country’s oil reserves, say highly placed sources. But the minister has denied this outright. In May, Kubayi announced in Parliament that she would investigate the controversial sale by the Strategic Fuel Fund (SFF) of 10-million barrels of the country’s fuel..
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EXCLUSIVE: Cash Paymaster Systems made R1-billion profit paying social grants

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Over the past five years Cash Paymaster Systems recorded a pre-tax profit of R1.1-billion from paying social grants on behalf of the government, the outsourced service provider told the Constitutional Court on Tuesday. After tax the net profit came to R705-million, the now infamous American-listed company said. That translates to a profit to shareholders of..
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