Hospersa slams proposal to use pension funds to bail out Eskom | IOL News

Cape Town - Yet another union has added its voice to the call against government using funds from the Government Employees Pension Fund to bail out ailing electricity provider, Eskom.

Last week, trade union group Cosatu proposed that the state-owned asset manager, the Public Investment Corporation and local development finance institutions help to lower Eskom debt by around R250 billion, by using GEFP funds. Previously, the call by Cosatu to cut Eskom’s debt to R200 billion from R454 billion by using the employees’ money was opposed by the Federation of Unions of South Africa and the Public Servants Association of South Africa .

Health and Other Services Personnel Trade Union of South Africa , expressed their shock at the proposal. Voicing its opposition to the plan that has also been slammed in several quarters, Hospersa general secretary, Noel Desfontaines said for the majority of employees in the public service, the pension fund was their only investment for the future.

Yazi siyadakelwa kodwa kulelizwe lethu muntu uzofa engasenamali

GEPF has shares on the Pavillion Mall in Durban and many othr investments through the PIC. Direct GEPF members don't get instant Dividends whn PIC get returns on Investmnts.GEPF (PIC) shld buy shares at Eskom/own part of it. Exactly wat Private Co's wld do coz imali ikhona.

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