Today's Labour News

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gigaba2Bloomberg reports that Finance Minister Malusi Gigaba said on Tuesday that he would not ask the Public Investment Corporation (PIC) to provide funds to bail out state-owned companies (SOEs) that would put the pensions of government workers at risk.  

“There is no attempt to dip into pensions for reasons that are unscrupulous,” Gigaba told reporters after a meeting with the PIC board.  The event was scheduled after media reports indicated that the National Treasury was seeking to use PIC funds to put into struggling government entities such as South African Airways (SAA).  Bloomberg reported Friday that the Treasury was seeking as much as R100 billion from the money manager, but the finance minister reiterated a statement made on Monday that the ministry had not asked for such an amount.  The PIC has almost R1.9 trillion in assets and handles pension funds for state workers, including nurses and teachers.  Meantime, the Treasury is in talks about how to fund SAA and will present some options to cabinet on Wednesday.

  • Read this report by Loni Prinslo in full at Moneyweb

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