MBABANE:The Public Service Pension Fund has purchased the Tambuti Eswatini for over R300million, the company will now be part of the PSPF’s wide and reputable investments.
As a result, the outgoing Tambuti Estate Directors have started the process of paying the workers their terminal benefits in terms of the Kingdom of Eswatini labour laws.
Masotja Vilakati, the Pension Fund Chief Executive Officer(CEO) was not immediately available for a comment as his cellphone rang unanswered.
But in a letter addressed to the employees, Tambuti Estate Management said the transaction will be finalized by 31st December 2025.
“In terms of Section 36(j) of the Employment Act, 1980, United Plantations gives notice that your services with United Plantations will be terminated on the date for reasons of redundancy. You will be paid the following terminal benefits; normal wage/salary up to and including the 31st December(Notice pay). Outstanding leave due to you at this date, severance pay, additional notice(if applicable). Please note that all the above payments are subject to taxation. The company would like to thank you for your loyal service and the contribution you have made to the Company,” reads the letter in part.
The Public Service Pensions Fund (PSPF) is a defined benefit pension fund established in 1993 to manage and administer pensions for public sector employees.
It offers benefits such as retirement, disability, and pre-retirement and funeral death benefits to its members, the PSPF is governed by a Board responsible for supervising its operations and managing its investments, and its mission is to provide members with an excellent retirement service experience.
Public Service Pension Fund(pic:PSPF).