Today's Labour News

newsThis news aggregator site highlights South African labour news from a wide range of internet and print sources. Each posting has a synopsis of the source article, together with a link or reference to the original. Postings cover the range of labour related matters from industrial relations to generalist human resources.

picBusinessLive reports that moves are afoot to propose far-reaching amendments to the Public Investment Corporation (PIC) Act to enhance transparency and strengthen the asset manager’s board.  

The initiative comes amid mounting concern that the PIC has become the target of those with an eye on the R1.87-trillion it has under management.  The PIC manages investments on behalf of the Government Employees Pension Fund (GEPF), the Unemployment Insurance Fund (UIF) and the Compensation Fund, in addition to a number of smaller funds.  The Democratic Alliance (DA) has proposed a bill that would put an end to the appointment of the deputy finance minister as the chairperson of the PIC and provide for a new method for the appointment of the chairperson, in which Parliament would play a significant role.  The bill also provides for the appointment of representatives of the PIC’s major clients, including the GEPF and the UIF, to a 12-person PIC board.

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