Independent Labour Caucus :Open Letter to the Government Employees'Pension Fund
INDEPENDENT LABOUR CAUCUS OPEN LETTER TO GOVERNMENT EMPLOYEES’ PENSION FUND
Dear: Members of the GEPF Board of Trustees
Chairperson of the GEPF Board of Trustees –Dr Renosi Mokate
GEPF Principal Executive Officer – Mr Abele Sithole
Minister of Finance- M Gigaba
Deputy Minister of Finance – S Buthelezi
The Independent Labour Caucus (ILC) that comprises 12 unions and represents more than 420,000 members in the Public Service Co-ordinating Bargaining Council (PSCBC), has noted with apprehension, reports that the GEPF, through its investment entity, the Public Investment Corporation (PIC), may make an investment in the South African Airways (SAA). Such an investment would undoubtedly not comply with the strict principles that should underpin an independent and bona fide investment.
The repeated statements by the GEPF that members of the Fund need not panic “because the Fund has not received any proposal to help fund the SAA” does little to allay the fears of members. The GEPF should, unequivocally, pronounce that should it receive such a request, it would be turned down, based on the fact that it is common knowledge that the SAA has an extremely poor business record that has reflected a downward spiral over the last few years, having had to be thrown a lifeline, repeatedly, by the State as majority shareholder.