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ANC in Parly supports using workers’ pensions to rescue Eskom

Presenting the Appropriations Bill for adoption in the National Assembly on Friday, appropriations committee chairperson Sfiso Buthelezi said the move would benefit Eskom in the long run.

Picture: EWN

CAPE TOWN – The African National Congress (ANC) said it supported calls for the use of workers' pensions to help struggling power utility Eskom.

Presenting the Appropriations Bill for adoption in the National Assembly on Friday, appropriations committee chairperson Sfiso Buthelezi said the move would benefit Eskom in the long run.

In March, the Congress for South African Trade Unions (Cosatu) stated private pensions must be used, alongside those of government workers, as part of a plan to rescue Eskom from crippling debt.

Buthelezi said he supported the call by Cosatu, saying this would help Eskom confront its huge debt and improve its cash flow. The power utility was sitting with a debt burden of R450 billion.

“It will decrease the debt, reduce debt repayment, strengthen the balance sheet and improve the liquidity of Eskom. It will enhance the chances of Eskom being upgraded by rating agencies and will allow Eskom to go to capital markets and raise money the back of its balance sheet.”

But Buthelezi said this could not be a blank cheque to Eskom.

“I support the conditions set by Cosatu, they are saying this cannot be a blank cheque. They have conditions including workers being part of governance structures.”

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