LETTER: Pension funds are not for risky government projects
The old SAA as we know it has experienced critical financial problems for many years due to bad management. The ANC government has been pouring taxpayers' money into an ever-increasing debt hole without any success.
A rescue team was called in to assist and recommend a way forward because government is experiencing major financial problems and it could not afford to subsidise the losses of the old SAA any longer. After a lot of pressure by labour unions and the government, the rescue team recommended the creation of a new, smaller SAA out of the old one. However, there are no publicly known recommendations as to how the smaller SAA will or can be financed...
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