Liberty relesed its interim financial results today and their CEO David Munro presented it to the media and investors in Sandton Johannesburg. File Picture: Simphiwe Mbokazi/African News Agency(ANA)
Liberty relesed its interim financial results today and their CEO David Munro presented it to the media and investors in Sandton Johannesburg. File Picture: Simphiwe Mbokazi/African News Agency(ANA)

Financial advisers at Liberty Life cry foul over unpaid Covid-19 relief funds

By SIBONISO MNGADI Time of article published May 9, 2020

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Durban - Workers at Liberty Life Group SA have accused the financial services company of injustice over the payment of Covid-19 relief funds.

The group of financial advisers from KwaZulu-Natal and Eastern Cape claimed the company has failed to keep its promise to pay reliefs earlier this month.

The employees who get paid based on commission could not do any work last month due to national lockdown.

But the company had promised to offer Covid-19 financial assistance based on the 70% of their six months commission.

According to the email sent to the staff by the group's executive, financial advisers were supposed to be paid an average of 70% based on their six months commission while advisers who have not validated (those who have not brought clients) will be paid R3000 across the board.

However, the staff claimed this was not the case last week when they were supposed to be paid.

One employee said their line managers could not answer when they enquired about the payments and they were referred to regional managers.

“We were told the company will only pay those who are affected by the Covid-19 which we do not understand. We have been with the company for many years and we also have financial responsibilities like everyone. We are disturbed that the company has selected a few and we do not know what criteria was used to pay the relief.

"We felt disrespected and taken for granted while we were at the forefront of the company's profit. This is an insurance company and trust is very key, If they fail to keep their promise to us, how about millions who have taken policies and life covers who expect the company to pay them during difficult answers,” said another employee who asked not to be named.

Lindi Monyae, a group executive at the Liberty Group, said the company took a decision to supplement financial advisers' commission-based income for April to help them meet their financial responsibilities for their families.

“We are very aware of the economic implications of the pandemic for all our financial advisers, who are commission earners. As a result, we have made available the option of applying for income relief to them, at a cost to Liberty, and not a loan.

"Our approach will be reviewed regularly to ensure that we do whatever is feasible in providing much-needed relief to our financial advisers,” she said.

Monyae would not give specific answers as to when the reliefs would be paid to the staff and what criteria would be used.

Sunday Tribune

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