KwaZulu-Natal Joint Municipal Pension/Provident Funds is helping South Africans rethink retirement

LONDON, June 28, 2019 (GLOBE NEWSWIRE) -- Developing a savings culture is the key to both improving a country’s growth prospects and boosting the individual fortunes of its citizens. But in South Africa, the second-largest economy in Africa, a robust savings base has failed to take shape.

A lack of savings culture, low financial literacy, dependence on credit and growing unemployment all have a big impact on local communities around the country, writes Sam Camilleri, CEO and Principal Officer of the KwaZulu-Natal Joint Municipal Pension/Provident Funds (NJMPF), in an exclusive article for European CEO magazine.

NJMPF, one of South Africa’s leading retirement funds, is working to transform the fortunes of the country’s citizens by tackling these social issues. For instance, the fund’s latest financial literacy project included creating playing cards with educational messages, available in both English and Zulu, to help instill financial awareness in its members. To assist families in introducing their children to these ideals, NJMPF has also held word-search quizzes and colouring-in competitions with key messages about real-world economics.

Alongside these initiatives, NJMPF is keeping up with the technological disruption caused by the Fourth Industrial Revolution (Industry 4.0). An interactive website, mobile application and active social media presence are great examples of how NJMPF has adapted its processes to these new technologies, which promise to get the company’s messages out more effectively while keeping administration costs low.

Companies that fail to use technology to create new opportunities for growth will struggle to keep up with the demands of Industry 4.0. For example, data collection technologies have also helped NJMPF pinpoint those customers with a lower net replacement ratio than acceptable. By creating services targeted at this group of people, NJMPF is going above and beyond to improve retirement outcomes in South Africa.

To read more from NJMPF CEO and Principal Officer Sam Camilleri on the company’s work in South Africa, pick up the latest issue of European CEO, available online, on mobile and in print now.

World News Media is a leading publisher of quality financial and business magazines, which enjoys a global distribution network that includes subscriber lists of prominent decision-makers around the world.

World News Media
Elizabeth Matsangou
Editorial Department
+44 (0)20 7553 4162