The Congress of South African Trade Unions (COSATU) commends the Public Investment Corporation (PIC)’s reaching an historic R3 trillion milestone. The PIC is not only the largest investment fund in South Africa but the entire continent. The PIC has not only seen remarkable growth over the past year from R2.7 trillion in assets to R3 trillion today, but from R1.8 trillion during the COVID-19 pandemic when it experienced a massive slump like all other investment funds. This is an impressive achievement under government led by the African National Congress.
We are heartened by the efforts of the PIC to tackle corruption and state capture. During the decade of ignominy, it was one of the sites of state capture and brazen looting on an industrial scale. Whilst we welcome its efforts to deal with corruption, more must be done to ensure that the PIC’s assets are secured from the cancer of pilferage.
Many forget that the PIC assets belong to workers with approximately 87% from the Government Employees’ Pension Fund, 7% from the Unemployment Insurance Fund and 3% from the Compensation of Occupational Injuries and Diseases Fund, amongst others. It is sacrosanct that at all times the PIC invests and manages these funds, workers’ hard earned monies, in a manner that expands and enables them to fulfill their legislative mandates of allowing public servants to retire in security and comfort, to provide relief to workers who’ve lost their jobs or support them whilst they are on maternity, parental or adoption leave; as well as to compensate workers’ whose health and lives have suffered in the course of their occupations.
It is equally important that the PIC invests these funds in ways that fulfill the objectives stipulated by the PIC Act, to support local economic development, nurture emerging sectors, create decent jobs, boost export industries, expands economic infrastructure, and champion sustainable development. The PIC must ramp up investments in support of South Africa’s economic growth and efforts to take it to the badly needed 3% plus target.
Whilst appreciating the efforts by the PIC to shut out the lecherous hands of those who seek to enrich themselves at the expense of workers and their funds, it must remain hyper vigilant to these realities and do more as this cancer of corruption has not disappeared altogether and remains an ever-present threat to workers, the nation and the programme of renewal. COSATU will continue to work closely with the PIC in this journey.
Issued by COSATU
Matthew Parks (COSATU Parliamentary Coordinator)
Cell: 082 785 0687
Email: matthew@cosatu.org.za