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Food relief in Diepsloot, Cosmo City and Olievenhoutbosch underway

30 April 2020 Telesure Investment Holdings (TIH)

• Over 87 000 food parcels will be delivered to the communities of Diepsloot, Cosmo City, Olievenhoutbosch and Tembisa, indirectly benefiting over 349 000 residents by mid-May.
• TIH has also teamed up with Makro in support of 10 000 SASSA grant recipients in the Diepsloot, Cosmo City and Olievenhoutbosch areas.
• Sizable donations have also been made to the Witkoppen Health and Wellness Clinic and the Gauteng Department of Health.
• 2100 SMEs have been identified to receive assistance from TIH’s R70 million SME Relief Fund.

Earlier this month, the Douw Steyn Family Trust, on behalf of Douw Steyn and his family, along with the South African companies he founded – Telesure Investment Holdings, incorporating Auto & General Insurance, 1st for Women Insurance, Dialdirect Insurance, Budget Insurance, 1Life and hippo.co.za; as well as Steyn City Properties and the Saxon Hotel, pledged R320 million to assist in the fight against the Covid-19 pandemic and its ripple effect.

The focus areas for the financial contribution are multi-faceted in order to meet the very real and diverse needs over this time. R50 million has been donated to the Solidarity Fund. A further R200 million is being used to primarily support feeding schemes in the TIH and Steyn City Properties neighbouring communities.

According to Tom Creamer, CEO of Telesure Investment Holdings (TIH): “We have teamed up with non-governmental and non-profit organisations including the Diepsloot Youth Programme, Afrika Tikkun, the Mahlasedi Foundation, the Love Trust and Laudium Disaster Management and by mid-May, over 87 000 food parcels will be delivered to the communities of Diepsloot, Cosmo City, Olievenhoutbosch and Tembisa, indirectly benefiting over 349 000 residents. 50 000 cloth face masks, manufactured by The Diepsloot Foundation will be also be included in the parcels.”

TIH has also teamed up with Makro in support of 10 000 SASSA grant recipients in the Diepsloot, Cosmo City and Olievenhoutbosch areas.

“From mid-May 2020, beneficiaries who have been identified by SASSA, community workers and local councillors will receive a voucher for essential food that can be redeemed at selected local Makro outlets. Those that have approached SASSA for assistance but do not fall within the parameter of social aid will also be given vouchers,” says Creamer.

In addition to food relief, the fund has also made sizable donations to the Witkoppen Health and Wellness Clinic and the Gauteng Department of Health for much-needed medical equipment including hospital beds.

A relief fund of R70 million has also been established to assist small businesses in TIH’s supply chain which are not able to earn an income during the lockdown period and over 2100 SMEs have been identified to receive assistance.

“We remain committed to ensuring that our communities are assisted during this crisis and beyond,” concludes Creamer.

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QUESTION

The second draft amendments to Regulation 28 will allow retirement funds to allocate up to 45% of their assets to SA infrastructure, with a further 10% for rest of Africa; but the equity & offshore caps remain unchanged. What are your thoughts on the proposal?

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Infrastructure? You mean cash returns with higher risk!?!
Infrastructure cap is way too high
Offshore limit still needs to be raised
Who cares… Reg 28 does not apply to discretionary savings
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