Cosatu’s parliamentary co-ordinator Matthew Parks urged Parliament to pass the bill before it concluded its work in November. “It must be adopted by Parliament by the end of 2018 and come into effect by 2019. Anything less will be a clear message to workers that their deep and legitimate anger, concerns and proposals are not taken seriously,” Parks said.
“Cosatu wants to warn the government, that it will not hesitate to mobilise its members to go on strike and take to the streets if there are any moves to loot the PIC.”
The federation presented its proposals to the standing committee on finance yesterday. Cosatu argued for the PIC to be compelled to table its reports and ministerial directives to the PIC’s major depositors. Cosatu, however, supported the bill’s provision that designates the deputy minister or minister of finance to chair the PIC board and the bill’s pro-worker and pensioner investment mandate for PIC investments.