HDA Annual Report

ANNUAL REPORT 2023/24

Notes to the Annual Financial Statements

Restated 2023

Figures in R’000

2024

22. Employee benefit obligation (continued)

Defined Benefit plan: Government Employees Pension Fund (GEPF) All Permanent employees of the HDA are members of the GEPF. The entity accounts for this defined benefit state plan as a defined contribution plan, as there is no consistent and reliable basis for allocating the obligation, plan assets and cost to the individual employers participating in the plan and the plan exposes the participating employers to actuarial risks associated with the current and former employees of other employers. The only obligation of the entity with respect to this state plan is to pay over the contributions in accordance with the fund rules. A total contribution of 21.5% of the employees pensionable salary is made to the fund : the employer contributes 13%, the employee contributes 7.5%. Approximately 70 HDA employees belong to this fund. The normal retirement age of the fund is 60 years.

Contributions to the Liberty Provident Fund

9 327 8 443

8 711 8 578

Contributions to the GEPF

17 770

17 289

23. Related party transactions

Relationship

Controlling entity

Department of Human Settlements

Board members

Hosi P Ngove Board Chair (from 12 July 2023 to date) Ms Dumakude M - Deputy Chairperson Ms Maharaj N Mr Makan R

Mr Rabothata V (from 25 April 2023 to Dr Mahapa A (from 11 June 2023 to date)

Audit and Risk Committee Ms Boulton SY - Chairperson Ms Dumakude M Ms Maharaj N Mr Makan R

Mr Rabothata V (from 25 April 2023 to date)

Corporate Support and Remuneration Committee Dr Mahapa A - Chairperson Ms Dumakude M Mr Makan R

Mr Rabothata V (from 25 April 2023 to date)

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