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Bloomberg reports that in addition to suggestions Cosatu made in a November document that civil servants’ pensions and a state-run unemployment fund be used to cut Eskom’s debt, the labour federation wants the government to consider making it mandatory for private pension funds to invest part of the money they control in infrastructure.
It is also pushing senior members of government to consider its proposals to rescue Eskom before next month’s budget and wants workers to be represented on the state-owned power utility’s board. Cosatu made its proposals at a meeting with senior members of the ruling ANC earlier this month and apparently “received broad support.” The federation commented further: “A discussion must begin between government, the PIC (Public Investment Corporation), labour, and the retirement industry on a sustainable, correct and progressive balance to be agreed to on prescribed assets in support of key public goods and infrastructure.” Cosatu also indicated that: “Further engagement between Cosatu, the ANC, alliance and government at a senior level will take place shortly to seek to find agreements on saving Eskom. It is hoped that these can be in place before the February 2020 budget speech.”
- Read the full original of the report in the above regard by Antony Sguazzin at Moneyweb
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