PSA tells PIC to sell its Eskom debt as it poses big risk to pensioners
The Public Servants Association says as long as Eskom has the PIC as a piggy bank it will never be able to sustain itself and run like a business
03 June 2019 - 11:42
The labour union whose members contribute most to the funds overseen by SA’s state pension manager wants the institution to stop investing in the debt of Eskom, potentially increasing funding pressure on the heavily indebted utility.
The 240,000-strong Public Servants Association (PSA) said by buying Eskom’s bonds the Public Investment Corporation (PIC) is exposing pensioners to excessive risk as the state-owned power company is not selling enough electricity to cover its costs and has had to be bailed out by the government...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.