Keep a close eye on the PIC, says Cyril Ramaphosa
The presidential hopeful urges union members attending Sadtu’s national general council to keep a close eye on the Public Investment Corporation
Deputy President Cyril Ramaphosa has implored members of the South African Democratic Teachers Union (Sadtu) to protect the country’s institutions from attack and looting. He urged union members attending Sadtu’s national general council to keep a close eye on the Public Investment Corporation (PIC), which he said he heard was being looked at "with dangerous eyes". "You, as members of the union, must make sure it is protected because it manages your money," he said. The PIC manages the pensions of public servants invested in the Government Employees Pension Fund and is under the spotlight following Finance Minister Malusi Gigaba’s suggestion to Cosatu that the Treasury could use its funds to bail out struggling state-owned enterprises (SOEs). "You have a say in how your money is being used … a lot needs to be fixed," Ramaphosa said to loud applause. Speaking about the December ANC elective conference, Ramaphosa said the party needed to forge unity, but not at the expense of holding ...
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