Finance Minister Warned by Unions to leave pensions alone

Minister of Finance Malusi Gigaba and his deputy Sfiso Buthelezi have been warned by the unions to keep their hands off the civil servants’ pension.


The SA Democratic Teachers’ Union (Sadtu) says they want to have a say on how the Public Investment Corporation (PIC) manages the pensions of its members.


This was one of the resolutions the union took during a four-day national general council.


Sadtu general secretary Mugwena Maluleke told City Press yesterday that this was based on a demand that the PIC “must not be Guptarised”.


Maluleke went on to say that, “We are going to expose and fight any attempt to touch the money of the PIC, even if we have to embark on industrial action to protect the savings of the workers that are invested by the PIC”.


Yesterday, Maluleke raised his opposing point in the fact that state is using  former teacher’s pension funds to bail out failing state-owned companies.


“Bailouts must be informed by the needs of our people and not the needs of the Guptas and the elites in particular the businesspeople and the politicians,” he said.


Deputy President Cyril Ramaphosa hinted that the union should get involved in the PIC board to protect their members’ interests at the opening of Sadtu’s council on Thursday.

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