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BL Premium reports that according to Cosatu’s Matthew Parks, business and government representatives will formally endorse the union federation’s proposal to use the pensions of public servants to reduce Eskom’s debilitating debt pile.
A year ago, Cosatu proposed a package of measures to rescue Eskom, including converting R100bn worth of the power utility bonds held by the Public Investment Corporation (PIC) into equity. Parks advised that the proposal will be signed at Tuesday’s annual summit of the National Economic Development and Labour Council (Nedlac). Cosatu’s social compact initially sparked an outcry among pensioners whose roughly R2-trillion savings are managed by the PIC, while investors were worried about the impact of the proposed plan on SA’s financial system. But Cosatu has since toned down the proposal, taking on a more market-friendly stance that will ensure that investments by pension funds in Eskom are in line with investor mandates and fiduciary duties are not compromised. The virtual summit, to be addressed by Deputy President David Mabuza, will be held under the theme, ‘social compacting for economic recovery in the time of Covid-19’.
- Read the full original of the report in the above regard by Luyolo Mkentane at BusinessLive (paywall access only)
Get other news reports at the SA Labour News home page