https://newsletter.en.creamermedia.com
Africa|Engineering|Fencing|Financial|Housing|Seifsa|Steel|Testing
Africa|Engineering|Fencing|Financial|Housing|Seifsa|Steel|Testing
africa|engineering|fencing|financial|housing|seifsa|steel|testing

Metals, engineering sector pension boards undertaking due diligence for worker housing

Seifsa CEO Lucio Trentini

Seifsa CEO Lucio Trentini

4th July 2024

By: Schalk Burger

Creamer Media Senior Deputy Editor

     

Font size: - +

Industry organisation the Steel and Engineering Industries Federation of Southern Africa (Seifsa) says the agreement to provide access to housing for industry workers has been referred to the Metal Industries Provident Fund and Engineering Industries Pension Fund (MIPF/ EIPF) Investment Committee, which is testing the veracity of the undertaking from a legal due diligence point of view before any investment case will be considered.

This follows collective bargaining negotiations over many years under the auspices of the Metal and Engineering Industries Bargaining Council.

The commitment by the collective bargaining partners to meaningfully address access to housing for industry workers is a long-standing item that has featured on the list of union demands over many years, Seifsa CEO Lucio Trentini points out.

He notes, however, that any investment of the funds cannot be done outside the course and scope of the fund rules, read together with the Investment Policy Statement (IPS), as well as the Pension Funds Act.

Additionally, as this matter may concern an investment of funds’ assets, the Financial Sector Conduct Authority is aware of this matter and is providing oversight.

"An investment will not be made without the regulatory and investment hurdles having been overcome," Trentini says.

"The housing sector has a potentially enormous role to play in the revitalisation of the South African economy and the metals and engineering industries. This point is underlined by the very high direct and indirect economic multiplier effect of housing production.

“The parties have, therefore, agreed to forge a partnership between the various tiers of government, the private sector, industry stakeholders and communities with the goal of leveraging and ring-fencing metals industry pension and provident funds for housing.

“Success in meeting the housing challenge will be one of the cornerstones of rebuilding our social structures and regenerating the economy,” comments Trentini.

Seifsa, on behalf of its 18 member organisations, concluded a settlement agreement with the industry’s five trade unions on terms and conditions of employment for the next three years in May.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

AutoX
AutoX

We are dedicated to business excellence and innovation.

VISIT SHOWROOM 
Condra Cranes
Condra Cranes

ISO-certified Condra manufactures overhead cranes, portal cranes, cantilever cranes and crane components: hoists, drives, end-carriages, brakes and...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:4.44 4.541s - 191pq - 2rq
Subscribe Now