Durban - The DA said on Wednesday that considering public enterprises minister Pravin Gordhan supported using pensioners' savings to bail out Eskom, he should start with his own money.
"It is easy to use other people’s money to solve his problems. But if Pravin Gordhan is happy to risk the pension savings of millions of government employees to bail out Eskom’s debt, he should start by offering his own pension first," the party's spokesperson for finance, Geordin Hill-Lewis, said in a statement.
Trade union Cosatu said last week that one of the options to help the state power supplier should be the use of about R250 billion in public sector pensions as an investment into the beleaguered entity, which has debt of over R450 billion. While not explicitly saying he supported the idea, Gordhan was reported as telling a business breakfast on Tuesday that Cosatu's suggestion was a "great move" as it showed organised labour wanted to be a part of the solution. He called Cosatu's idea "innovative".
"This is a deeply irresponsible policy proposal that should be resisted by government employees and pensioners alike. We call on the Government Employees Pension Fund , which gives an investment mandate to the PIC on behalf of pensioners, to reject this proposal unequivocally.
First time I agree with DA. why do they have to always look somewhere, while they steal the money.
Wtf
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Why Cosatu might just be right about Eskom and the PICUsing the Government Employees Pension Fund to address Eskom’s woes has been dismissed by many experts, perhaps too quickly, writes Dominic Brown Reading your article it would seem to be trending that way. The country has to have electricity - with constant outages there is not much more that needs to be said.Something has to be done to get the economy moving - providing there is a fundamental grasp of the consequences Government Employees Pension Fund is a defined benefit fund Industrial Development Corp & Development Bank of Southern Africa are SOE. All 3 - any shortfalls and losses are covered by tax payers. Smoke and mirrors - the Eskom debt is being dumped on tax payers.
Source: BDliveSA - 🏆 12. / 63 Read more »
Why Cosatu might just be right about Eskom and the PICUsing the Government Employees Pension Fund to address Eskom’s woes has been dismissed by many experts, perhaps too quickly, writes Dominic Brown You are making a huge mistake my friends. But it is your money so you can have it stolen by whomever you want.
Source: BDliveSA - 🏆 12. / 63 Read more »
Cosatu R250bn bailout plan for Eskom gathers speedThe Government Employees Pension Fund may be a viable option for making Eskom work again
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