PENSION MONEY
Labour federations and unions move to secure PIC funds
The country’s main labour federations and trade unions have agreed on a number of measures to safeguard funds managed by the Public Investment Corporation (PIC). The resolutions, which were presented to Parliament on Tuesday, could be developed into a bill by the standing committee on finance before the end of 2017 after it received a buy-in from all parties in the committee. "Consideration should be given to engaging with National Treasury on the processing of the legislative amendments," read the committee meeting’s resolutions. These include the representation of trade unions of the Government Employees Pension Fund (GEPF) members on the PIC board. Labour has been up in arms for months over the use of public-sector workers’ pension funds for investment purposes by the PIC following suggestions by Finance Minister Malusi Gigaba that it could be used to bailout struggling state-owned enterprises. According to the list of resolutions seen by Business Day, the PIC Act of 2004 would n...
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