The Congress of South African Trade Unions(Cosatu) president Zingiswa Losi has questioned the Public Investment Corporation (PIC)’s investment choices, saying the fund manager’s money was being used to start elite businesses while workers reaped no rewards.
Losi on Wednesday addressed workers at a policy conference of the biggest public service union, the National Education, Health and Allied Workers’ Union (Nehawu).
She said workers must be vigilant in how the fund manager, which invests funds on behalf of the Government Employees Pension Fund (GEPF), spends the money.
Losi called for worker representatives on the board of the GEPF to exercise more scrutiny in the workings of the PIC in a week of even more explosive testimony at the inquiry into the corporation.
This week, former PIC chief financial officer Matshepo More told the commission about how former CEO Dan Matjila signed off on the irregular R4.3 billion payment to Ayo Technology Solutions before consulting the PIC’s portfolio management committee as per the standard operating procedure.
Losi implored workers who are trustees on the GEPF board and those who would be elected to sit on the PIC board not to forget their mandate, which is to advocate for the safe investment of workers’ savings and pensions.
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