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.

fedusa thumb medium80 85Reuters reports that the Federation of Unions of SA (Fedusa) said on Saturday it would consult rival federations over possibly withdrawing an investment mandate the state workers' pension fund has with the Public Investment Corporation (PIC).  

The PIC manages the funds of the Government Employees Pension Fund (GEPF) and has been in the spotlight recently after reports the finance ministry requested money from the pension fund to bail out struggling state firms.  Finance Minister Malusi Gigaba has denied making such a request.  Fedusa general secretary Dennis George said:  "Our preliminary view is that there is no obligation in law for the GEPF to retain the PIC as the exclusive manager of these assets.”  He said the possible withdrawal of the investment mandate was necessary to protect the asset manager against political interference and to protect the pensions and savings of public sector workers.

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