Today's Labour News

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picBusinessLive reports that Public Investment Corporation (PIC) CEO Dan Matjila was forced to apologise to public servants after they bemoaned the lack of consultation when the investment manager advanced R5bn to Eskom.  

The PIC on Monday announced that it would, on behalf of the Government Employees Pension Fund (GEPF), advance a R5bn bridging facility to Eskom to fund operations in February.  The PIC said it expected that the loan would be repaid at the end of February.  According to Public Servants Association deputy GM Tahir Maepa, Matjila told them that the fund manager had been under the impression that the GEPF had discussed the issue with labour.  Matjila met with the PSA on Tuesday following threats of legal action against the PIC board.  The PSA and Cosatu’s biggest affiliate, the National Education Health and Allied Workers’ Union (Nehawu), have condemned the move, complaining about the use of public servants’ pensions to rescue Eskom.  "The PIC apologised to the PSA and committed to improving communication with all stakeholders and clients in future, together with GEPF," said Deon Botha, head of corporate affairs for the PIC.  In a reply to questions, the GEPF said that the Eskom provision was done within the mandate of the PIC and its governance requirements.  The fund would not say why it had failed to inform labour about the decision.

  • Read this report by Theto Mahlakaona and Carol Paton in full at BusinessLive

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