Numsa negotiators are busy trying to improve the benefits for Numsa members in the Autoworkers Pension and Provident Funds. These are Funds that cover Numsa motor members.However, statistics show that the number of death claims from the Autoworkers’ Provident Fund more than doubled between the years 1998 to 2002. Many of these deaths are in the age group 20-45 years old. HIV/Aids could be the cause. Although death claims from the Autoworkers Pension Fund do not show such a big increase, the problem with this Fund is that very few young workers are joining. Members of the Fund are much older and the Fund has to keep back money to pay for those that have retired instead of investing that money. For both these reasons, financial experts are warning that the two Funds should increase their contributions if they want to continue providing benefits. One suggestion is for contributions to increase by 1% – employers would pay 0,5% and worker members 0,5%. But already employers are refusing to pay this increase. Talks are continuing.How do you feel about contributing an extra 0,5% (i.e. increase from 7% of your wages to 7,5%) to the Pension/Provident Fund? Discuss in your workplace.
