South Africa Weighs Plan for $4.8 Billion in Unclaimed Benefits
The nation’s mining sector, which historically relied heavily on a low-income labor force, accounts for the largest chunk of unclaimed benefits, FSCA research shows.
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South Africa’s financial regulator is working on a plan to ensure billions of rand in unclaimed retirement, severance and death benefits are distributed.
Financial Sector Conduct Authority Commissioner Unathi Kamlana said that 88 billion rand ($4.8 billion) was owed to South Africans but had not been claimed.