Bathabile Dlamini Resigns as an MP with Immediate Effect

Azg said:
I can't think of a job that does not have some sort of pension scheme.
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There are many...

And its not job related, but company...

I've worked for 2 different companies that had no pension/provident setup in place and it was left up to the employees to manage that process themselves.
 
ToxicBunny said:
There are many...

And its not job related, but company...

I've worked for 2 different companies that had no pension/provident setup in place and it was left up to the employees to manage that process themselves.
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I know. At my last company it was the same. I just meant there is nothing unusual about an employee having a pension, no matter how useless you think they were at their job.
 
Azg said:
I know. At my last company it was the same. I just meant there is nothing unusual about an employee having a pension, no matter how useless you think they were at their job.
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A pension is one thing...

This lot are granted 4 months salary for every 5 years worked. So for some of the guys, that is a R2.4m payout (since its capped at a full years salary maximum).

This is over and above their pension benefit (which is large as well at 7.5% of their salary + 17% government contribution)
 
All these incompetent trough feeders that resign should have their pensions "invested" into the various state owned/run companies applicable to their specific portfolios during their tenures as ministers...let's see how quickly the piggies squeal when their pensions are on the line....
 
ToxicBunny said:
A pension is one thing...
This lot are granted 4 months salary for every 5 years worked. So for some of the guys, that is a R2.4m payout (since its capped at a full years salary maximum).
This is over and above their pension benefit (which is large as well at 7.5% of their salary + 17% government contribution)
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If ministers do their job ethically and responsibly, then this is not really a huge sum. There are coders here who earn that much amount of money in 2 years. And of course Lew earns that much in an hour.
 
surface said:
If ministers do their job ethically and responsibly, then this is not really a huge sum. There are coders here who earn that much amount of money in 2 years. And of course Lew earns that much in an hour.
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Umm they get a fscking salary of R2.4m per year ffs... why should they get an additional payout over and above their pension when they resign?
 
ToxicBunny said:
Umm they get a fscking salary of R2.4m per year ffs... why should they get an additional payout over and above their pension when they resign?
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:unsure: You got a point. I just randomly checked and SA salaries are at par with UK cabinet ministers.
But, I was thinking more in terms of comparison of huge responsibility as cabinet minister as against SABC CEO who got 4.2million salary. And some other CEO salary examples elsewhere in SOE's.

SABC CEO should probably get 100 rands as compared to cabinet minister getting 2.4 M assuming they both do their jobs properly.
 
ToxicBunny said:
Umm they get a fscking salary of R2.4m per year ffs... why should they get an additional payout over and above their pension when they resign?
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The joke is on them. Is their own political party, and government, not busy looting their own pension money through PIC etc? By the time they can/want to retire, there will be no money in the fund. :ROFL:
 
ToxicBunny said:
A pension is one thing...

This lot are granted 4 months salary for every 5 years worked. So for some of the guys, that is a R2.4m payout (since its capped at a full years salary maximum).

This is over and above their pension benefit (which is large as well at 7.5% of their salary + 17% government contribution)
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Remember this is a guaranteed value pension (one of next to none left in SA). So the states debt just climbs though I guess these okes will cry as the rand devalues too.
 
Lord Farquart said:
The joke is on them. Is their own political party, and government, not busy looting their own pension money through PIC etc? By the time they can/want to retire, there will be no money in the fund. :ROFL:
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Guaranteed value pension as krycor stated..... which is almost unheard of in this country now.
 
surface said:
:unsure: You got a point. I just randomly checked and SA salaries are at par with UK cabinet ministers.
But, I was thinking more in terms of comparison of huge responsibility as cabinet minister as against SABC CEO who got 4.2million salary. And some other CEO salary examples elsewhere in SOE's.

SABC CEO should probably get 100 rands as compared to cabinet minister getting 2.4 M assuming they both do their jobs properly.
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Cabinet ministers are not on the same level of CEO's in my opinion at all. The responsibility is political and not economic or business related....

If their salaries are on a par with UK, then our ministers are overpaid by a LARGE margin.
 
ToxicBunny said:
Guaranteed value pension as krycor stated..... which is almost unheard of in this country now.
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I can not even Google the term “guaranteed value”. Anyway, guarantee as much as you want, if there is no money, or the money has no value, then you are screwed.
 
Lord Farquart said:
I can not even Google the term “guaranteed value”. Anyway, guarantee as much as you want, if there is no money, or the money has no value, then you are screwed.
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Termed officially as Defined Benefit as far as I know...

Aka if you retire on a salary of X, you will get x% of that salary for the rest of your life as a pension... (adjusted for inflation as well if I remember correctly)

But yes, if they plunder the pension fund to death there will be nothing to get, but the country will have gone down in flames before that point anyway.
 
Lord Farquart said:
I can not even Google the term “guaranteed value”. Anyway, guarantee as much as you want, if there is no money, or the money has no value, then you are screwed.
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Final salary/defined benefit pension scheme - very lucrative obviously as it is a guaranteed payout based off a percentage of your final salary. My dad, who is about to retire, has that even though he is in the private sector but as @ToxicBunny said, it is largely a type of pension scheme that does not exist anymore. All the risk has been transferred to the employee from the company. Now it is defined contribution.
 
ToxicBunny said:
Termed officially as Defined Benefit as far as I know...

Aka if you retire on a salary of X, you will get x% of that salary for the rest of your life as a pension... (adjusted for inflation as well if I remember correctly)

But yes, if they plunder the pension fund to death there will be nothing to get, but the country will have gone down in flames before that point anyway.
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No use telling these idiots they are sitting on the wrong side of the branch they are sawing off. Let the state pension plunder continue. They are only going to hurt the people they pretend to serve even further.
 
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