This news aggregator site highlights South African labour news from a wide range of internet and print sources. Each posting has a synopsis of the source article, together with a link or reference to the original. Postings cover the range of labour related matters from industrial relations to generalist human resources.
TimesLive reports that the Public Servants Association (PSA) says it rejects the secretive deal between the Public Investment Corporation (PIC) and Ayo Technology Solutions and has demanded transparency about the settlement.
On Friday, the PIC announced it had reached a settlement regarding the proceedings it had instituted in the Western Cape High Court, where it was seeking to recover a R4.3bn investment in Ayo. The details of the settlement, which was made an order of the court, were not revealed by the PIC. The union called on the PIC to provide the details of the settlement with Ayo, failing which it would have no other option than to consider litigation. “The PSA represents more than 237,000 public-sector employees and raised serious concerns with (this) investment as far back as 2020,” the union pointed out, adding that it represented a significant number of employees belonging to the Government Employees Pension Fund (GEPF) and had a significant and direct interest in how GEPF assets were invested by the PIC. The PSA said the Ayo investment was another indication that the PIC’s strategy was not in line with its own mandate and alleged that reckless investments were compromising the GEPF and its members. The PSA said it would leave no stone unturned to obtain the facts in the Ayo matter.
- Read the full original of the report in the above regard by Ernest Mabuza at TimesLive
Get other news reports at the SA Labour News home page