Cosatu’s proposal to use government employees’ retirement funds to reduce Eskom’s debt has sparked a huge debate. It has also raised the hackles of union members, who see the proposed plan as a cunning move to ransack the money chest that holds the deferred income of employees.
Solidarity has launched what it calls a “stop pensions capture” campaign, and is threatening legal action to block the use of money from the Government Employees Pension Fund to save Eskom. It also looks as if in the debate on the role of retirement funds history does not count. From 1911, when the Public Debt Commissioners Act was passed, to 1990, government employees’ pension funds were used to finance budget deficits and provide loans to government and other state entities.
In a resolution adopted at its national congress in June 2012, the National Union of Metalworkers of SA called for an exploration of how workers’ pension funds could be used as a vehicle to finance the building of a socially owned renewable energy sector. We tabled this resolution at a Cosatu national congress in September of the same year.
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