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23 October 2023 | Story SAMKELO FETILE | Photo SAMKELO FETILE
Third year students: Sipho Majenge, Thapelo Tinte, Dr Edson Vengesai, Busisiwe Nhlapo and Tsolofelo Zwane.
Third year students: Sipho Majenge, Thapelo Tinte, Dr Edson Vengesai, Busisiwe Nhlapo and Tsolofelo Zwane.

The University of the Free State (UFS), Department of Economics and Finance in the Faculty of Economic and Management Science, has recently made headlines by achieving remarkable success in the prestigious JSE Investment Challenge competition. The 3rd-year group secured an impressive second position, while the Honours group claimed an outstanding third place. These achievements are truly commendable, given the fierce competition and rigorous evaluation of financial acumen that characterises this national competition.

The 3rd-year group, consisting of Thapelo Tinte, Sipho Majenge, Busisiwe Nhlapo and Tsolofelo Zwane, showcased their financial prowess by excelling in trading futures, a complex financial instrument that demands in-depth knowledge and expertise. On the other hand, the Honours group, comprised of Dawie Bekker, Divan Koch, Keith Tarr, and William Oosthuysen, dedicated their efforts to the stock market. These talented individuals took on the trading aspect of the competition, meticulously constructing and managing their portfolios.

The significance of the JSE Investment Challenge

The JSE Investment Challenge, organised by the Johannesburg Stock Exchange (JSE), is a prestigious national competition designed to introduce students to investment fundamentals, offering practical experience that equips them with the knowledge and skills necessary for informed decision-making in real financial markets. This educational stock trading programme also champions financial inclusion and equality by welcoming students from all fields of study. Distinguished by its association with the JSE, one of Africa's leading stock exchanges, the competition exudes credibility and prestige. Participation from universities across South Africa further enhances its national appeal. Moreover, it imparts invaluable real-world financial skills and knowledge, highlighting the participants’ ability to navigate the complexities of the stock market and effectively manage portfolios.

A test of financial prowess

In the challenge, each participating team is allocated R1 million in virtual money and is tasked with constructing a portfolio by purchasing securities on the JSE. This portfolio is closely monitored over six months, from March to September, with the team that generates the highest return across all universities declared as the winner. The rewards are enticing, with the top team receiving R30,000 and an all-expenses-covered international trip. The second and third-placed teams receive R20,000 and R10,000, respectively.

Dr Edson Vengesai plays a pivotal role as the guiding force behind the JSE Investment Challenge in the Department of Economics and Finance. He emphasises, “The success of the students in the JSE Investment Challenge reflects the institution's commitment to providing practical and relevant education. It demonstrates that the students are not only learning theory but also how to apply that knowledge in real-world scenarios. This achievement enhances the institution's reputation, particularly in the fields of finance and economics. It signifies a high-quality curriculum and a dedication to excellence in education”. 

For more information about the competition, interested individuals can contact Dr Vengesai through the Department of Economics and Finance in the Faculty of Economic and Management Sciences or via email at vengesaie@ufs.ac.za.

Dawie Bekker, William Oosthuysen, Dr Edson Vengesai, Divan Koch and Keith Tarr

Honours students: Dawie Bekker, William Oosthuysen, Dr Edson Vengesai, Divan Koch and Keith Tarr.

News Archive

UFS staff get salary increase of at least 7,25%
2007-11-20

 

During the signing of the UFS's salary agreement were, from the left: Mr Olehile Moeng (Chairperson of NEHAWU), Prof. Frederick Fourie (Rector and Vice-Chancellor of the UFS), and Prof. Johan Grobbelaar (Chairperson of UVPERSU and spokesperson of the Joint Union Forum).
 

UFS staff get salary increase of at least 7,25%

The University of the Free State’s (UFS) management and trade unions have agreed on an increase of 9,32% in the service benefits of staff for 2008. This includes a general minimum salary increase of 7,25%.

A once-off non-pensionable bonus of R3 000 will be paid in December 2007.

The agreement was signed today by representatives of the UFS management and the trade unions, UVPERSU and NEHAWU.

“As the state subsidy level is unfortunately not yet known, remuneration could vary several percentage points between a window of 7,25 and 8,39%,” said Prof. Frederick Fourie, Rector and Vice-Chancellor of the UFS.

Should the government subsidy be such that the increase falls outside the window of 8,39%, the parties will negotiate again.

The bonus will be paid to staff members who were employed by the UFS on UFS conditions of service on 14 November 2007 and who assumed duties before 1 October 2007.

The bonus is payable in December 2007 in recognition of the role played by staff during the year to promote the UFS as a university of excellence and as confirmation of the role and effectiveness of the remuneration model.

“It is important to note that this bonus can be paid due to the favourable financial outcome of 2007,” said Prof. Fourie.

“Our intention is to pass the maximum benefit possible on to staff without exceeding the limits of financial sustainability of the institution.  For this reason, the negotiating parties reaffirmed their commitment to the Multiple-year Income-related Remuneration Improvement Model used as a framework for negotiations.  The model and its applications are unique and has as a point of departure that the UFS must be and remain financially sustainable,” said Prof. Fourie and Prof. Johan Grobbelaar, Chairperson of UVPERSU and Spokesperson of the Joint Union Forum.

The agreement provides for the phasing in of fringe benefits of contract appointments for 2008.  This includes the implementation of a pension/provident fund, housing allowance and the medical fund allowance as from 1 January 2008 to staff who are appointed on a contract basis.

Agreement was also reached that 1,0% will be allocated for structural adjustments in order to partially address the backlog in respect of remuneration packages of other higher education institutions.  These adjustments will be made after further investigations during 2008. 

The post levels that have been earmarked for adjustment are academic staff (associate professor, professor and dean) as well as certain post levels in the support services.

An additional R500 000 will be allocated to accelerate the rate of phasing in the medical fund allowances. 

The implementation date for the salary adjustments is 1 January 2008, but could possibly be implemented only at a later stage due to logistical reasons.   The adjustment will be calculated on the remuneration package.

The agreement also applies to all staff members of the Vista and Qwaqwa Campuses whose conditions of employment have already been aligned with those of the Main Campus.

Prof. Grobbelaar said that salary negotiations were never easy, but the model is an important tool.  He said the Joint Union Forum illustrates that people from different groups can work together if they share the same commitment and goal.

In 2007, a total salary adjustment of 5,7% and a once-off non-pensionable bonus of R2 000 was paid to staff.

Media Release
Issued by: Lacea Loader
Assistant Director: Media Liaison  
Tel:  051 401 2584
Cell:  083 645 2454
E-mail:  loaderl.stg@ufs.ac.za
20 November 2007

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