Today's Labour News

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GEPFCity Press reports that a top official at the Government Employees Pension Fund (GEPF) last week kept ajar the possibility of the fund investing in bankrupt national carrier South African Airways (SAA), which is clamouring for a bailout.  

“While people might find it very difficult to conceive of the possibility of a good, sensible case for the GEPF or any other pension fund to invest in SAA, it is possible,” said Abel Sithole, the principal executive officer of the GEPF.  He categorically stated that the GEPF had received no approach regarding SAA, nor had it provided the ailing carrier with any funding.  But, he went on to indicate:  “I am not saying we won’t be approached in future.”  Last month, SAA, which has amassed billions of rands in losses since 2012, indicated in its corporate plan that state-owned asset manager PIC, which manages GEPF funds, could be tapped for funding.  Cabinet is set to make a decision on the recapitalising of SAA by the end of this month.

  • Read this report by Justin Brown in full at City Press

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