This comes as a major relief for the former employees who have been drowning in debt since their retrenchments and the subsequent liquidation of the company.
Old Mutual on Thursday could not immediately confirm receipt of the payment.
The employees thanked SowetanLIVE for highlighting their plight through a series of articles and said they believe articles the publication has been running effectively pressured the owners of the company to do right by them.
“She had a big fright I can tell you,” one employee said. “If it wasn’t for your story about our pensions, I bet you I was still worried. I want to thank you from the bottom of my heart. You have no idea what this means to me.”
With their pensions being paid, the former employees will now be fighting to get their severance packages which amount to millions of rands. The matter is before the Commission for Conciliation, Mediation and Arbitration (CCMA).
In the letter confirming payment to Old Mutual, Ndalo Media said the payment did not mean it accepted any wrongdoing. “This payment is made without admission of any liability and without waiver of any of our rights and is made in good faith”.
Owner Khanyi Dhlomo had not responded to questions by the time of publishing.
Relief for Ndalo Media staff after pension fund premiums paid
Image: Veli Nhlapo
Former Ndalo Media employees will finally get their pensions after the company's owners paid the outstanding premiums in the nick of time, preventing the fund from going into liquidation.
Old Mutual had given Ndalo Media until close of business on Thursday to pay the outstanding premiums or the fund would go into involuntary liquidation which would have seen the pension fund frozen for about 18 months.
On Thursday afternoon Ndalo Media sent a letter, dated April 17, to the former staff informing them that the payment, said to be just over R200,000, had been effected and that they could now make withdrawals.
“The outstanding amounts in respect of your pension funds with Old Mutual have been paid in full today. Old Mutual is processing this data and will confirm as soon as your claims can be processed,” read the letter.
Pension woes for former Ndalo Media staff
This comes as a major relief for the former employees who have been drowning in debt since their retrenchments and the subsequent liquidation of the company.
Old Mutual on Thursday could not immediately confirm receipt of the payment.
The employees thanked SowetanLIVE for highlighting their plight through a series of articles and said they believe articles the publication has been running effectively pressured the owners of the company to do right by them.
“She had a big fright I can tell you,” one employee said. “If it wasn’t for your story about our pensions, I bet you I was still worried. I want to thank you from the bottom of my heart. You have no idea what this means to me.”
With their pensions being paid, the former employees will now be fighting to get their severance packages which amount to millions of rands. The matter is before the Commission for Conciliation, Mediation and Arbitration (CCMA).
In the letter confirming payment to Old Mutual, Ndalo Media said the payment did not mean it accepted any wrongdoing. “This payment is made without admission of any liability and without waiver of any of our rights and is made in good faith”.
Owner Khanyi Dhlomo had not responded to questions by the time of publishing.
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