SA social grants debacle, million dollar yellow tinted glasses, hipster bedsheets and an excuse to stop working so hard
Jumuah Mubarak all.
Since it’s a Friday, we will keep it light. No not really, because here are the latest developments on the SA social grants debacle. To cut a long-winded story short, Sassa, the South African Social Security Agency, in charge of the distribution of grants in SA failed to appoint a new service provider to administer the payment of grants and is now backed into a corner in that it has to reappoint the old service provider (CPS), or 17 million people stop receiving grants. It’s a can with many worms, since post CPS receiving the original contract from Sassa, there were many allegations of corruption and the constitutional court (Concourt) eventually deemed the contract invalid. Sassa was supposed to work out an alternative arrangement and was given three years to do so, but didn’t and for people to receive grants in April, the only option is to reappoint CPS. CPS has taken this wonderful opportunity to introduce an increase in fees taking their earnings up from about R2bn per year to R2.3bn a year (excluding all the revenue it makes from selling grant recipients other products like insurance and loans). In one positive development, Allan Gray who holds 16% of the company is calling for a shareholder meeting to remove the board of Net1, the holding company of CPS. Although, given the media scrutiny and backlash Allan Gray has received, this should be expected. Stay tuned for further developments today with the Concourt due to deliver a verdict on taking oversight of the case. Update: Concourt has extended the contract for a year
Moving onto some inspiring entrepreneurial stories, in an article that looks like click-bait, but isn’t a guy built a million-dollar business in 12 months selling yellow tinted glasses. Some actual decent lessons in the article. Who knew looking at blue light at night is so bad for you?
Another Friday inspiration article is about a married couple who built a $30 million company selling fancy bedsheets to millennial hipsters.
And finally, if you want to be successful, quit working so hard!
Have a blessed Friday.
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