KZN Head of Treasury urges government employees to spend wisely
Government employees in iLembe District had a unique opportunity today when KwaZulu-Natal Provincial Treasury head, Mr Simiso Magagula, descended on the east coast town to lecture them on how to spend money wisely.
Known for his belief in financial discipline, Mr Magagula said government wants eployees to have skills and discipline to manage their personal finances before they could be trusted with public funds.
Referring to the current difficult economic situation, he said civil servants should know how to manage their finances and remain debt-free, even under trying times.
"Most of you here are parents. Start teaching your children about budgeting and the importance of saving while they are young. Children must grow with this good habit so that good financial management skills will be in their systems," said Magagula.
He was addressing government employees during a one-day financial summit held by the Office of the Premier to empower public servants on handling financial matters.
He encouraged the employees to start saving. "Invest your money so that you will have financial security in the future. Use reputable financial institutions to invest your hard-earned money. Engage your financial advisers on available portfolios to invest in. Do not participate in pyramid schemes because you will lose your money in those schemes," he cautioned.
Magagula was accompanied by National Credit Regulator (NCR), Government Employees Pension Fund (GEPF) and Provincial Treasury employees.
The purpose of this summit was to educate government employees on how best they can manage their money whilst been debt free. It also looked at the best solutions for government employees who are already sinking in debt.
The summit informed and educated the government employees of the legislations and institutions which are there to protect consumers such as the Consumer Protection Act and the NCR.
Government employees were also educated on the importance of having a pension fund benefits.
Miss Zonke Majola from the NCR said: “These summits are beneficiary to employees as they help on how to react when they find themselves in debt. As a customer, you have the right to negotiate with your creditor. The purpose of NCR is to promote and advance the social and economic welfare of South Africans.”
Mr Peterson Mbambo from the GEPF said it was important that government employees joined the fund because it was an investment vehicle in a long run. The money collected by the fund would be paid at retirement.
Peterson reminded employees to update their details to avoid fraud.
For more information contact:
Sibonelo Msomi
Cell: 072 587 1947
E-mail: sibonelo.msomi@kzntreasury.gov.za
