This news aggregator site highlights South African labour news from a wide range of internet and print sources. Each posting has a synopsis of the source article, together with a link or reference to the original. Postings cover the range of labour related matters from industrial relations to generalist human resources.
The Independent on Saturday reports that Cosatu has strongly objected to workers’ money in the Public Investment Corporation (PIC) being used to bail out SA Airways (SAA), saying it would be like throwing money into a bottomless pit.
The trade union’s tough stance in Parliament on Friday came after a strategic expert in state-owned entities called on the government to put SAA into business rescue. Matthew Parks of Cosatu told members of the standing committee on appropriations that the airline needed to be salvaged. However, he warned that there was a tendency by government to use the PIC to bail out ailing state-owned enterprises (SOEs) and Cosatu members were angry at the use of the PIC as a piggy bank. Parks said the problem was the looting of SOEs, including Eskom and SAA. He said they supported the idea of the PIC investing in SOEs, but there must be clean governance. Strategic expert in SOEs, Thabang Motsohi of Lenomo Advisory, told Parliament that SAA needed to be put into business rescue to survive.
- Read this report by Siyabonga Mkhwanazi in full at The Independent on Saturday
- See too, Pension funds are not slush funds for SOEs, says Cosatu, at IOL News
- And also, Cosatu warns against using workers’ funds as a ‘blank cheque bail-out’ for SAA, at BusinessLive
Get other news reports at the SA Labour News home page