Today's Labour News

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psaFin24 reports that Finance Minister Malusi Gigaba might face court action from the Public Servants Association (PSA) if he does not agree to the union’s demands to have better representation on the board of the Public Investment Corporation (PIC).  

PSA’s spokesperson Tahir Maepa indicated that three letters of demand have been written to the minister in this regard without response.  In those letters, the PSA raised concerns over the composition of the PIC board, which it said contravened the PIC Act of 2004.  The PIC acts as the primary investment agent for the Government Employees Pension Fund (GEPF) and other state funds.  The majority (207,000) of the PSA’s members are GEPF members.  The PIC board is appointed by the finance minister, but in terms of the Act he should have due regard for nominations submitted by depositors.  “All we are saying is from where we are sitting, the board is wrongfully constituted.  It does not comply with the Act,” said Maepa.  Currently there are three vacancies on the board.  The PSA wants the minister to amend the memorandum of incorporation to include GEPF representation on the board and for the vacancies to be filled by labour representatives.

  • Read this report by Lameez Omarjee in full at Fin24
  • Read the PSA’s press statement in this regard at PSA online
  • See too, Public Service Association demands Gigaba response on PIC board, at BusinessLive

Get other news reports at the SA Labour News home page