Today's Labour News

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picBusiness Report writes the government is set to make drastic changes to the running of the Public Investment Corporation (PIC) with an amendment that guarantees unions at least two places on the board.  

A draft bill on the board was passed by parliament last month and is now waiting for President Cyril Ramaphosa’s signature before it comes into effect.  It will make sweeping changes to ensure transparency and greater worker participation.  It provides that the finance minister must, in consultation with the cabinet, determine and appoint the 10 non-executive members and the PIC chief executive and chief financial officer as executive members.  The non-executive members must include a representative of the National Treasury, a representative of each major depositor and two or more, but not more than three, representatives of registered trade unions whose members are the majority of the members of the Government Employees Pension Fund (GEPF).  Union representatives will be selected at the Public Service Co-ordinating Bargaining Council (PSCBC) based upon their proportional composition.  The PIC, with assets of R2.1 trillion under management, manages funds on behalf of the GEPF and other statutory funds.

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