Today's Labour News

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SaftuANA reports that the SA Federation of Trade Unions (Saftu) on Tuesday strongly condemned the decision of the Public Investment Corporation (PIC) to afford Eskom a loan of R5 billion to cover its operational costs for this month.  

"This is workers’ money, held in the Government Employees’ Pension Fund (GEPF), which is bound by law to prudently manage clients investments and deliver returns that meet but preferably exceed client mandates,” spokesperson Patrick Craven said in a statement.  Saftu, which was founded last year is the second largest of the country’s trade union federations, with more than 20 affiliated trade unions, altogether organising about 700,000 workers.  "Eskom is an extremely insecure investment, given that it is reported to be on the brink of insolvency, and is currently under investigation by a Parliamentary Committee in connection with allegations of corrupt and fraudulent deals with companies owned by the Gupta family," said the statement.  The federation warned that it was “certainly not prudent to invest workers’ money to clean up a colossal mess which they did not create."


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