Close This website uses modern features that are not supported by your browser. Click here for more information.
Please upgrade to a modern browser to view this website properly. Google Chrome Mozilla Firefox Opera Safari
your legal news hub
Sub Menu
Search

Search

Filter
Filter
Filter
A A A

Fund checks and balances to feature in wage talks

Publish date: 12 July 2017
Issue Number: 195
Diary: Legalbrief Workplace
Category: Corruption

The need for checks and balances on the administration of public sector pension funds will be a major feature of the looming public-sector wage negotiations. Fin24 reports that the two biggest unions in the sector, PSA (formerly the Public Servants Association) and the National Education Health and Allied Workers’ Union (Nehawu) have both voiced concern about the manner in which pension monies have been used and allegedly abused. The report says the Government Employees Pension Fund (GEPF) invests its estimated R1.8trn-plus with state-owned fund manager the Public Investment Corporation (PIC), the largest such fund on the continent. It has the usual fund management mandate of growing the value of investments, but it also supposed to assist in the transformation of SA’s economy while investing in ‘sustainable green projects’. The report says of concern to the unions is the recent surge – to more than R45bn – in investments in unlisted entities, along with statements such as those by Finance Minister Malusi Gigaba that the role of the PIC should be reviewed.

Full Fin24 report

We use cookies to give you a personalised experience that suits your online behaviour on our websites. Otherwise, you may click here to learn more, or learn how to block or disable cookies. Disabling cookies might cause you to experience difficulties on our website as some functionality relies on cookie information. You can change your mind at any time by visiting “Cookie Preferences”. Any personal data about you will be used as described in our Privacy Policy.