SIKONATHI MANTSHANTSHA: For whom the PIC bell tolls
So the PIC cash till shall ring not for its beneficiaries, but for the powerful, clueless administrators who keep throwing good money after bad ... until the IMF do us part
There is an undated statement on the website of the Government Employees Pension Fund (GEPF) that seeks to reassure the pensioners who rely on its payouts that their funds are safe from the clutches of politicians. It was issued around May, when SA Airways was casting around for yet another bailout to pay for the follies of its leadership. It might as well have been issued this week, when the finance minister repeated he may have to instruct the GEPF to rescue SAA. Malusi Gigaba is desperately trying to find cash to continue paying the salaries of the 11,500 people who work for SAA, and whenever he is questioned where he will get the cash, Gigaba quickly mentions the funds held by the Public Investment Corp (PIC) on behalf of government employees and pensioners.
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