Today's Labour News

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cosatuFin24 reports that labour federation Cosatu and the Public Servants Association (PSA) have each hit out at National Treasury's indication that members of the Government Employees Pension Fund (GEPF) will be excluded from new rules enabling pre-retirement fund withdrawals.

With the economic impact of Covid-19 hitting household budgets, Treasury on Wednesday issued a statement on its approach to growing calls to allow members of retirement funds to access part of their savings. Government has proposed a two-bucket system, allowing one pot of savings to be preserved until retirement and the other to allow pre-retirement access only in emergencies or extraordinary circumstances. Treasury pointed out that withdrawals would not apply to members of the GEPF, as that fund was not regulated under the Pension Fund Act. Cosatu spokesperson Sizwe Pamla said Treasury's announcement was "outrageous" and "unacceptable". Claiming that Treasury was the "chief bastion of resistance" when it came to progressive socio-economic policies, Pamla added that Cosatu “rejects this unwarranted isolation and victimisation of public servants." Cosatu wants to meet with Finance Minister Enoch Godongwana and Treasury to address its concerns. The PSA, which also represents public servants who are members of the GEPF, said that Treasury must take note that public servants have equally been affected by the devastating impact of Covid-19, like other employees in the country.

Read the full original of the report in the above regard by Lameez Omarjee at Fin24

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