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President Mbeki meets with Women's Working Group 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
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