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Tuesday, July 16, 2024

Momentum liquidating ISS provident fund due to non-payment of contributions

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Innovative Staffing Solutions (ISS) employees have been left in shock after discovering that Momentum was liquidating their provident fund due to non-payment of contributions by their employer.

A concerned employee discovered the financial discrepancy after he enquired with Momentum Metropolitan about making a provident fund claim.

In an emailed response to the employee, Momentum wrote:

Kindly be advised that the fund was terminated with Momentum due to non-payment of contributions.

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We are now busy with the liquidation process and this can take up to two years to finalized.

We can only continue with the claim payments once liquidation approval has been received.

Should you require additional information or assistance do not hesitate to contact me.

ISS allegedly stopped submitting employees’ contributions to Momentum in July 2021 but has continued deducting the funds from them. SA Trucker has seen a few employees’ March 2022 payslips that show the provident fund deduction.

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When SA Trucker asked ISS General Manager, Liza Trollip, if the company have been submitting the employees’ provident funds to Momentum, she gave a conflicting statement saying,
“ISS’s own internal investigations have shown that all our payments are up to date and that ISS is in fact, in a small credit.”

Trollip said that ISS shared the internal investigations outcome with the financial institution which promised to investigate from their end and give feedback.

Momentum Metropolitan Public Relations officer Mandy Laemmle told this reporter that the institution has initiated investigations into the matter.

“Momentum has met with the Principal Officer of the provident fund and it was agreed that they will arrange a meeting with the employer and the broker to discuss the status of the fund. The Principal Officer has asked that we wait until after the meeting to update,” Laemmle said after being asked if the liquidation has been put on hold.

Read also: We Feel Like Slaves Being Traded Between Milltrans and ISS – Please Help!

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Meanwhile, Trollip apologised to employees for the anxiety the revelation has brought on them and promised to keep them up to date.

“We assure our staff, clients and stakeholders that ISS maintains meticulous record-keeping, and strictly adheres to all financial regulations. ISS is dedicated to acting in and protecting the best interests of all our valued staff members. Our company provident fund is a key employment benefit, as it offers a highly cost-effective vehicle for safeguarding and growing retirement savings,’ she said.

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