During Salt Employee Benefits' 70th anniversary, chairman Eddie Strydom emphasises the need for structural reform in South Africa's employee benefits industry to improve retirement outcomes for members. He discusses the challenges of compliance, administration, and the importance of member representation.
South Africa's employee benefits industry needs fundamental structural reform if it is to improve outcomes for retirement fund members, according to Salt Employee Benefits chairman Eddie Strydom.
Speaking to Personal Finance during Salt Employee Benefits' 70th anniversary event, Strydom said the sector has become increasingly burdened by compliance requirements and administration while failing to address the underlying problems affecting members.
"The industry has evolved, but it has evolved with a lot of red tape, compliance and administration. If you don't get to the root cause of the problem, you can do a hundred different things, but you still won't solve it. You've got to fix the root of the problem first," he says.
Salt Employee Benefits recently marked its 70th anniversary by hosting industry leaders, trustees, labour representatives and governance experts to discuss the future of employee benefits, retirement fund governance and member outcomes.
