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picBL Premium reports that a trade union representing the majority of workers at the Public Investment Corporation (PIC) has threatened to go on strike if workers are not paid their performance bonuses.  

The workers include fund and portfolio managers, as well as administrative and general workers.  Solly Malema of the National Union of Public Service & Allied Workers (Nupsaw) said the union represented more than 250 members of the PIC’s estimated 400 employees.  The union held a lunch-hour picket at the PIC’s headquarters in Pretoria on Monday over the non-payment of performance bonuses.  “There is an HR policy that regulates performance bonuses for workers.  What happened is that the employer changed that policy without consulting the union … Those unilateral changes are now affecting workers in terms of them getting their performance bonuses.  We are saying the employer must reinstate the terms and conditions in order for workers to receive their performance bonuses,” Malema said.  The union has given management seven days to address the matter, failing which it will serve the organisation with a strike notice.  Efficient Group chief economist Dawie Roodt observed:  “The core business of the PIC is to look after the pension funds of civil servants.  It invests the money under its control in the private sector or in the financial market.  In simple terms, a strike could result in inferior returns on investments.”

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

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