<\/p>\n
With billions of rand in financial assets currently sitting unclaimed across South Africa, the Motor Industry Bargaining Council (Mibco) has launched a major push to reconnect the more than 312 000 employees it represents with their hard-earned benefits.<\/p>\n
The initiative seeks to address a systemic issue where, in 2025, South Africans were yet to claim roughly R88 billion in financial assets, including pensions, severance packages, and death benefits.<\/p>\n
Read:
R100m in unclaimed pension benefits reunited with rightful owners
Misa vs Motus: One labour court win each<\/p>\n
The primary obstacle is often as simple as a lack of awareness.<\/p>\n
\u201cMany workers in our sector are not aware that they have money owed to them,\u201d says Mibco general secretary Paulos Masemola.<\/p>\n
He points to a variety of funds that often go ignored, including provident fund benefits, additional holiday pay, and arrear wage payments.<\/p>\n
\u201cThese benefits often go unclaimed simply because members are uninformed, changed contact details, or left the industry years ago.\u201d<\/p>\n
The scale of the problem is significant.<\/p>\n
Unclaimed benefits in retirement funds alone amount to tens of billions of rand, impacting millions of members or their estates.<\/p>\n
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Within the motor industry, these funds often belong to former employees or the families of deceased members who were never notified that money was due.<\/p>\n
Restoring dignity through payouts<\/p>\n
For Mibco, these are more than just administrative entries on a ledger \u2013 they are life-changing financial lifelines.<\/p>\n
Masemola says the council has seen first-hand how accessing these funds can provide relief during a crisis.<\/p>\n
In one instance, a member diagnosed with leukaemia was able to use a pending payout to negotiate with creditors and stabilise her finances while undergoing treatment.<\/p>\n
Another member received his provident fund benefit within two months, allowing him to cover urgent funeral expenses for his father.<\/p>\n
Listen: Liberty launches new partnership to tackle unclaimed benefits<\/p>\n
\u201cThese are not just transactions,\u201d says Masemola. \u201cThese are moments where access to rightful benefits restores dignity and provides relief when it is needed most.\u201d<\/p>\n
Clarity from day one, and catch-up process<\/p>\n
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To combat the \u2018theoretical\u2019 nature of these benefits, Mibco is introducing digital and physical \u2018welcome packs\u2019 for new employees to outline exactly what they are entitled to from day one.<\/p>\n
Masemola notes however that employers also carry a heavy burden of responsibility in this process.<\/p>\n
\u201cEmployers must educate employees on their pay slips, maintain accurate records, pay and submit monthly contribution schedules \u2026 so that Mibco can allocate contributions correctly.\u201d<\/p>\n
Transparency in this regard protects both the worker and the employer, he adds.<\/p>\n
Mibco reminds workers that there is no \u2018expiry date\u2019 on their funds.<\/p>\n
Unclaimed benefits can be recovered in perpetuity, though members are encouraged to apply during their notice periods to avoid administrative delays.<\/p>\n
Masemola\u2019s message to the 23 513 employers and their staff is clear: \u201cYour work has earned these benefits. They are not a favour; they are your right.\u201d<\/p>\n
Read: Nearly R90bn in unclaimed assets, says FSCA<\/p>\n
#R88bn #unclaimed #benefits #spurs #motor #industry #action<\/p>\n","protected":false},"excerpt":{"rendered":"
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