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A report published by the Financial Sector Conduct Authority (FSCA) on Tuesday, 5 April 2022, shows that the figure of unclaimed benefits was first reported at R42 billion in 2020, but that it has subsequently increased to R47.3 billion in 2021. The FSCA reported that 80% of the unclaimed funds are with trade union-affiliated pension funds and most of these unpaid members are low-income miners. Members changing jobs without updating their personal information, lack of financial literacy to understand the implications and poor records of administrators’ member base, the continuous movement of people seeking economic opportunities or moving closer to resources are some of the contributing factors. The South African economy has been severely affected by the impact of the Covid-19 pandemic and most of the beneficiaries are in great need for these funds and there is a risk of these beneficiaries falling between the cracks and not being located. South Africa continues to see accumulation of unclaimed benefits, with billions of rands owed to approximately five million members. #BeneficiaryTracing,#InsuranceClaimInvestigation,#WorkmansCompensationClaimInvestigation,#ThirdpartyClaimInvestigation,#LitigationSupport, #22YearsExperience.

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