As of March 2020, Dumisa Hlatshwayo took over as the new CEO of Mineworkers Provident Fund (MWPF). With over 20 years’ experience in the financial services sector, Hlatshwayo has big plans that will positively impact MWPF.
After many years of working, many people dream of securing a comfortable financial future for themselves and their families. For just over 30 years, MWPF has fulfilled two main functions for members who are employed by the mining industry: Firstly, it has ensured that members are provided with the means to retire with dignity and support their dependants after their working career. Secondly, in the unfortunate event that a member passes on before reaching retirement, MWPF ensures that the dependants are taken care of.
As a contribution fund, the Fund has an independant legal identity under the Pension Funds Act (1956). As such, a member’s retirement benefit depends on contributions and the investment growth.
Hlatshwayo shares more about his leadership and future plans for MWPF:
Mining in South Africa goes as far back as 1852 when the first mine was established. Due to various factors such as the political climate at the time, a lot of mine employees were at a disadvantage in terms of information and resources to assist them in preparing for their retirement. Upon this realisation, MWPF was successfully formed in 1989. In addition to overseeing members’ fund contributions, MWPF collaborates with many participating employers to ensure that members receive what rightfully belongs to them when the time comes.
Members automatically qualify for risk benefits (disability, death and funeral) which are provided by the fund. The disability benefit covers members who become disabled as a result of injury or disease while on duty. The death benefit pays out a cash lump sum to dependants if a member passes on before retirement age. Lastly the funeral benefit pays out in the event of the death of a member, spouse (regardless of number), or child.
According to Hlatshwayo, MWPF prides itself on ensuring that members and their families are treated with respect throughout their membership and beyond.