In discussions with the commissioner of the Unemployment Insurance Fund (UIF) it appears there is R121bn left in the kitty. Of that, R110bn is invested with the Public Investment Corporation (PIC).
Readers will be aware that many billions went missing due to bad investments through the PIC. The large majority of the UIF monies (belonging mainly to state employees of SA) are still with the PIC, and to my mind this presents a risk.
I asked for an update of the investigation of the missing monies. The only report I could get is that this was being investigated. These monies went missing more than 12 months ago.
Michael Bagraim, MP
DA shadow deputy employment & labour minister
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