Today's Labour News

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GEPFBusinessLive reports that Eskom has repaid the R5bn loan facility advanced to it in February by the Government Employees Pension Fund (GEPF) via the Public Investment Corporation (PIC), apparently with R30m interest.  

The funds reflected in their bank accounts on 1 March, the two organisations said on Monday.  The PIC, which manages assets on behalf of the GEPF, agreed in February to advance the bridging facility to Eskom for one month and the loan was used to fund February operations.  The Public Service Association (PSA) was angered by the PIC’s decision to loan money to the power utility, saying Eskom was in the red as a result of corrupt activities.  The PIC’s CEO, Dan Matjila, was later forced to apologise for entering into the loan agreement with Eskom without having consulted unions that represent workers whose pensions are invested by the asset manager.  The PSA has welcomed the repayment.  Last week, Eskom announced it had signed a R20bn short-term credit facility with a consortium of local and international banks.

  • Read this report by Theto Mahlakoana in full at BusinessLive

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