So the government employee pensionfund is a defined benefit model. Under a defined benefit...
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So the government employee pension
fund is a defined benefit model. Under a defined benefit scheme, the biggest risk that you face
is that at the point in time when your employees
have to retire, the money that's available may not be sufficient to meet
the commitments that you've made. Then, obviously, somebody has to step in
and top up whatever that deficit might be, and in this case, it happens to
be the South African taxpayer
fund is a defined benefit model. Under a defined benefit scheme, the biggest risk that you face
is that at the point in time when your employees
have to retire, the money that's available may not be sufficient to meet
the commitments that you've made. Then, obviously, somebody has to step in
and top up whatever that deficit might be, and in this case, it happens to
be the South African taxpayer
Full Transcript
00:00:01.000 --> 00:00:06.004
So the government employee pension
fund is a defined benefit model.
00:00:07.064 --> 00:00:09.044
Under a defined benefit scheme,
00:00:09.441 --> 00:00:12.798
the biggest risk that you face
is that at the point in time
00:00:12.799 --> 00:00:15.159
when your employees
have to retire,
00:00:15.016 --> 00:00:16.639
the money that's available
00:00:16.064 --> 00:00:19.096
may not be sufficient to meet
the commitments that you've made.
00:00:19.961 --> 00:00:24.001
Then, obviously, somebody has to step in
and top up whatever that deficit might be,
00:00:24.999 --> 00:00:26.072
and in this case, it happens to
be the South African taxpayer.
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Movie Summary
The biggest corporate scandal in South African history, the fall of Steinhoff led to a loss of R200 billion. Steinheist untangles the story: the investors who were taken in; the victims and the CEO, Markus Jooste, who's still a fr...
