Today's Labour News

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cosatuBL Premium reports that on Wednesday, union federation Cosatu called on workers and South Africans in general to submit proposals for solving the Eskom debt problem.  

The call for submissions followed Cosatu leaders having tabled a plan at a meeting with President Cyril Ramaphosa and business leaders last Monday, in which it was recommended that R250bn of pension money managed by the Public Investment Corporation (PIC) be used to pay down Eskom debt.  Since the talks began there has been growing disquiet in the ranks of organised labour, with some Cosatu union members expressing concerns over the security of their pensions.  Union federation Fedusa has also said it objected to the use of pension money to bail out Eskom, as has union Solidarity, which indicated on Wednesday it would take legal action to stop the plan should the PIC and the Government Employees Pension Fund (GEPF) agree to it.  Earlier this week, Cosatu put the brakes on the process to allow more consultation with workers before conclusion of an agreement with the government and business.  Labour leaders had hoped a social compact could be reached that could be announced by Ramaphosa in the state of the nation address (Sona) on Thursday.  “There are many who are supportive of our proposal.  There are also many who are critical of it.  We have said explicitly that we will welcome and consider any alternative proposals, which are better than we have offered,” Cosatu indicated in a statement.  Alternative submissions will be discussed at Cosatu’s forthcoming central executive meeting.

  • Read the full original of the report in the above regard by Carol Paton at BusinessLive (paywall access only)

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