Pieter Wasserfall, Associate Member of the Actuarial Society of South Africa and a Chartered Enterprise Risk Actuary
Date: 26 June 2014,
Venue: PLAAS Boardroom, 2nd Floor Main Hall, University of the Western Cape
Passive Investment Clubs of South Africa (PICSA) is an organisation that supports employers with setting up a voluntary savings and investments vehicle for their employees. It aims to facilitate a more inclusive Financial Market in South Africa by enabling low income earners to gain access to cost effective savings and investment products.
PICSA was born in the wake of the recent labor unrests across South Africa. The founders identified over-indebtedness and the lack of cost effective savings, banking and insurance products as a contributing factor to the unrest. A research project on a number of farms in the Western Cape tried to identify the magnitude of the financial crisis these farmworkers are faced with. The initial research project involved around 100 employees on 4 farms in Napier and Swellendam, Western Cape. Based on the outcome of the project a number of leading players in the Financial Services industry were approached to search for solutions.
After months of negotiation and testing, a cost effective and sensible long term financial services vehicle for low income earners in South Africa has been identified, and has been rolled out to a commercial client - a group of 4,500 farmworkers spread across 50 farms in the Drakenstein region.