13 October 2006
President Thabo Mbeki, several Ministers, Deputy Ministers and senior
government officials met with the Working Group on Women at the Union Buildings
today.
The Working Group noted that only one percent of the trustees of the top six
retirement funds (worth about R1 trillion) are women. This is in spite of the
fact that women members make up 50% of the total membership and contribute 33%
of the funds.
Amongst others, the Working Group further noted that financial services do
not sufficiently focus on the unique needs of women. Accordingly, the Working
Group proposed the establishment of a Women's Retirement Fund which would have
women as its contributing members and management.
According to the Working Group, the Fund will draw its contributing members
from, amongst other sectors of women, domestic and farm workers, rural women
and informal sector women workers in the long run. It will seek to invest
women's retirement savings in education, accident and medical insurance,
funeral policies, amongst others.
The Working Group said that the Fund would contribute to:
* improved levels of savings
* improved financial education and awareness
* the inclusion of sectors (such as domestic workers) not currently included by
existing retirement savings
* investment in infrastructure development especially in poor communities
* reduce the impact of past discrimination and enhance the role of women in the
economy
* focus on the unique financial needs of women.
Government accepted the proposal in principle and committed to a detailed
consultation with the National Treasury on ways to lend support to the
implementation of the proposal. This includes the need for government to ensure
that government and public sector pension funds include women in decision
making structures such as boards of trustees, management and staff.
The Working Group also made a presentation on its proposal on the
facilitation and monitoring of the implementation of water and sanitation
services through public-private partnership initiatives. The meeting agreed on
further consultation between key public agencies tasked with this
responsibility.
Finally, the Working Group expressed a get-well-wish to and for Health
Minister Manto Tshabalala-Msimang, who is currently hospitalised.
Enquiries:
Mukoni Ratshitanga
Tel: (012) 300 5436
Cell: 082 300 3447
Issued by: The Presidency
13 October 2006
