Today's Labour News

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GEPFFin24 reports that the Government Employees Pension Fund (GEPF) has assured its members, pensioners and beneficiaries that it has not received any proposal to help fund South African Airways (SAA).  

The GEPF is Africa’s largest pension fund, with the Public Investment Corporation (PIC) as its fund manager.  "No discussions have been held with GEPF on this matter.  Therefore, we urge all our members and pensioners not to panic or read too much into this speculation," the fund said in a statement.  It assured its beneficiaries that their pension savings were safe and emphasised that its primary role was to protect the wealth of its members and pensioners by safeguarding their retirement benefits through proper administration and prudent investment.  Last week National Treasury told the National Assembly that it was considering various options to recapitalise SAA and that these included the PIC as a possible equity partner.

  • Read this report by Carin Smith in full at Fin24
  • Read the GEPF’s press statement at GEPF online
  • Read too, Cosatu demands to know if Gigaba will use employee pensions to bail out SAA, at The Citizen

Get other news reports at the SA Labour News home page