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Cosatu cautions against using PIC as 'slush fund' for struggling SOEs

The trade union federation adds it doesn’t support using pension money to bailout out South African Airways.

FILE: Public Investment Corporation (PIC) CEO Dan Matjila. Picture: Public Investment Corporation.

PARLIAMENT – The Congress of South African Trade Unions (Cosatu) says it doesn’t have confidence that workers’ pensions are safely invested by the Public Investment Corporation (PIC).

The trade union federation adds it doesn’t support using pension money to bailout out South African Airways (SAA).

PIC chief executive Dan Matjila told Parliament’s Finance Committee on Tuesday that the PIC would not rule out lending to the national carrier but the airline would have to get its house in order first.

Trade unions say they are nervous and their fears that the pensions of civil servants are under threat, are legitimate.

Cosatu’s Kgomotso Makhupola says the PIC cannot be treated as a slush fund to bail out struggling state-owned entities.

“It’s not there to fund the deficit of the SOEs nor a kitty for cash-strapped ministries.”

Cosatu is calling for labour representation on the PIC board.

It adds if the PIC decides to back SAA, the corporation should be represented on the airline’s board.

(Edited by Zamangwane Shange)

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