COSATU PIC Amendment Bill Presentation to Parliament today, 12 March

COSATU will present its submission on the PIC Amendment Bill to the NCOP’s Select Committee on Finance at 3 pm today, 12 March 2019, V475, Parliament.

The federation and its 16 affiliated unions fully support this bold anti-corruption bill.  The federation, workers and pensioners urge the NCOP to ensure its passage by March 28. 

About 87% of the PIC is public servants’ pension funds, 7% is workers’ unemployment insurance and the remainder belongs to the workers’ injury on duty funds.

The PIC like much of the state has been dogged by serious allegations of looting and poor governance.  This is not a question of speculation but has been confirmed in the Presidential PIC Commission of Enquiry. 

Looting is not only threatening the very survival of SOEs and risking their workers being retrenched, but also threatening workers’ pensions too.  The PIC’s financial sustainability has been battered by looting and is threatened by the very real prospect of having to bail out collapsing SOEs.  It is now reported that the GEPF may have a projected R25 billion shortfall.

The current PIC Act (a mere 4 and a half pages) is shockingly inadequate and in fact, is a key contributor to the chaos in the PIC.  It needs to be urgently overhauled.

The Standing Committee on Finance, and in particular the ANC MPs and Chief Whip, Cde. Jackson Mthembu, have done an excellent job in bringing to life the PIC Amendment Bill.  It is progressive and long overdue.  It will be a major boost in the fight against corruption.  The National Assembly set new heights for public participation in the drafting of this pro-worker and pro-pensioner bill.  It is now ready for processing and adoption by the NCOP. 

The PIC Bill provides for decisive transparency and accountability provisions, worker representation on the PIC Board to ensure workers have a say in how their funds are invested, strong depositor mandating requirements and reasonable investment guidelines. 

COSATU and workers across the nation are aware and watching those in the PIC and government, who are keen to continue raiding workers’ pensions.  The federation has seen those unmandated individuals who are running amok lobbying all and sundry to kill this anti-looting bill in the NCOP. 

These political vandals are undermining not only the NCOP but the constitutional role of Parliament as a whole.  The executive accounts to Parliament and not the other way round. So ministers and officials working for departments should stop undermining our National  Parliament.

COSATU will fight to the very end to protect the PIC Amendment Bill and ensure its adoption by the NCOP. 

This historic bill must be passed as is by March 28 2019.  The NCOP failure to do the right thing will be viewed as a clear signal to the parasites feeding at the PIC, to continue to their hearts’ content.

For further information contact: Cde Matthew Parks-Parliamentary Coordinator

Cell: 082 785 0687