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Bloomberg reports that labour federation Cosatu says it will step up pressure on the Public Investment Corporation (PIC), which manages the pension funds of state employees, to invest more aggressively in infrastructure and other projects to alleviate poverty.
President Sdumo Dlamini said on Thursday: “We are not happy, to put it bluntly, with the forms of investment of our pension funds. Cosatu has consistently been raising concerns about how pension funds or retirement funds of workers are invested. Why don’t we see our monies being invested in areas where jobs are seen to be created?” The PIC oversees about R1.8 trillion, making it the country’s largest investor. In the view of Bheki Ntshalintshali, Cosatu’s general secretary, there is a lack of transparency at the PIC and he has criticised the organisation for investing outside of South Africa.
- Read this report by Sam Mkokeli and Amogelang Mbatha in full at Moneyweb
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