Amcu turns to Alexan­der Forbes

CityPress - - Business - – Bloomberg

The union that led a five-month strike at oper­a­tions of the world’s big­gest plat­inum pro­duc­ers has ap­pointed Alexan­der Forbes to start a prov­i­dent fund for its mem­bers.

The As­so­ci­a­tion of Minework­ers and Con­struc­tion Union (Amcu) asked Alexan­der Forbes “to register and ad­min­is­ter on its be­half and its mem­bers, the na­tional um­brella prov­i­dent fund”, Bonga Mokoena, man­ag­ing di­rec­tor of ac­tu­ar­ial and con­sult­ing so­lu­tions at Africa’s largest in­de­pen­dent re­tire­ment fund ad­min­is­tra­tor, said re­cently.

Amcu has more than 100 000 mem­bers and is seek­ing an al­ter­na­tive to ben­e­fits cur­rently of­fered to mine work­ers.

Amcu pres­i­dent Joseph Mathun­jwa said that mem­bers’ re­tire­ment money should move to a fund where mem­bers have a big­ger say.

Their sav­ings are cur­rently man­aged by the Minework­ers’ Prov­i­dent Fund, which has about R24.8 bil­lion and is spon­sored by the Na­tional Union of Minework­ers.

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