VULTURES EYEING PENSIONERS’ FUNDS - PRINCE MAGUDVULELA

 MBABANE – Vultures have their eyes fixed on pensioners’ riches. This was said by Chief Prince Magudvulela during the Public Service Portfolio Committee’s tour of the Public Service Pension Fund (PSPF) yesterday.

The prince warned the fund’s management to guard the purse at all costs as some may see an opportunity to misuse it.
“Kunemangce lana, abuke sona lesikhwama sigadzeni,” he warned.
This could be said to mean that they should safeguard the fund and protect it from vultures. Prince Magudvulela was concerned about retired civil servants not getting an increment and argued that inflation was high.

This was the same point that was emphasised by pensioners during their various meetings, where they pointed out that they needed the increment because the money they were receiving could no longer sustain them. The prince cautioned himself from speaking any further as he said he might find himself spilling the beans.

Supporting the prince was Somntongo Member of Parliament (MP) Sandile Nxumalo, who tasked PSPF management to ensure that the fund did not fall apart while they were still in office. Nxumalo wanted assurance that the fund would not be abused because government was broke. He emphasised that pensioners’ funds should not be mismanaged because government had financial problems.

Singing the same tune was Hhukwini MP Saladin Magagula, who stated that the PSPF Board of Trustees had the responsibility of protecting pensioners’ assets. Magagula warned the Board to ensure that no stakeholder defaulted on payments to the fund. Government contributes 15 per cent to the fund, while employees contribute five per cent.

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