Today's Labour News

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GEPFEWN reports that the Public Servants Association (PSA) has called for the safeguarding of pension investments, saying that more than R12 billion has been lost following allegations of accounting irregularities at Steinhoff.  

Global retailer Steinhoff International lost more than 63% of its stock value on the JSE on Wednesday after CEO Markus Jooste stepped down.  The scandal has further ignited calls for more focus and interrogation of corruption in the private sector.  German police are conducting a criminal investigation.  The PSA, which represents more than 230,000 members of the Government Employees Pension Fund (GEPF), said that that members have lost billions through losses in investments in Steinhoff.  Tahir Maepa of the PSA said:  “This is quite shocking for us that R12 billion of our hard-earned money is just gone.  This is what the PSA has been saying for months gone.  We need to relook the investment scheme of the Government Employees' Pension Fund.”

  • A short report by Gia Nicolaides EWN
  • Read too, Government pensions to be hit hard by Steinhoff scandal, at eNCA
  • And also, Dark days as Steinhoff loses R100 billion, at Business Report

Get other news reports at the SA Labour News home page