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No increment for Pensioners as looting continues within the Public Service Pension Fund.

Thursday, 4th March, 2021

MBABANE: Saladin Magagula, the former Hhukwini Member of Parliament(MP) said as pensioners they did not receive an increment this financial year because their money was being looted within the Public Service Pension Fund(PSPF).

This comes after a series of investigative articles that exposed how companies linked to King Mswati looted over E3 billion within the Pension Fund through systematic loans.

Speaking on the Swaziland News audio channel on Thursday when interviewed by editor Zweli Martin Dlamini, the former MP who once worked as a Headteacher said it was troubling him to see his money being looted after tirelessly working for 37 years.

“This year, we did not receive any inflation adjustments yet we are in the midst of the pandemic where people who are 50 years and above are the most vulnerable. We are surprised that while we are fighting for the Fund to be returned and be administrated by the people, we are now told there is no money for increment because of losses”, he said.

The former MP who was the Chairperson of the Parliament Portfolio Commitee in the Ministry of Public Service said now that the Pensioners are beginning  to receive excuses at the time when they are expecting an increment, it has become evident that the Fund will be looted completely.

Elkan Makhanya, the Spokesperson of Public Service Pension Fund(PSPF) when reached for comments earlier by this publication regarding the alleged looting declined to comment on the matter.

Reached for comments, Elliot Mkhatjwa, the President of the Swaziland Pensioners Association(SPA) confirmed that Pensioners did not receive an increment, he said they were told that investments within the Pension Fund did not perform well.

“We were told by officials from the Pension Fund that the investments did not perform well hence we cannot receive an increment. But we are working on this matter, we expect the Fund to pay us this coming financial year that starts in April and this  should be back dated to the previous  year", said the Pensioners President.

No increment for Pensioners as looting continues within the Public Service Pension Fund.
Public Service Pension Fund