Steam rises from the cooling towers of Matla Power Station, a coal-fired power plant operated by Eskom in Mpumalanga province. File picture: Siphiwe Sibeko/Reuters
Steam rises from the cooling towers of Matla Power Station, a coal-fired power plant operated by Eskom in Mpumalanga province. File picture: Siphiwe Sibeko/Reuters

GEPF 'not consulted' on Cosatu's plan to use pension fund to save Eskom

By ANA Reporter Time of article published Feb 7, 2020

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Port Elizabeth - The Government Employees Pension Fund (GEPF), says it has not been consulted yet about the Congress of South African Trade Union's (Cosatu's) debt recovery plan to save Eskom.

Cosatu in January released a statement that recommended Eskom's debt be reduced from "R450-billion to R200-billion" through a pro-worker  "special purpose finance vehicle involving a social compact between government, the Public Investment Corporation and development finance institutions (DFIs)".

The trade union federation at Nedlac on Wednesday received huge support when it tabled the proposal, which suggests that the government use pension funds the PIC manages to pay more than half of Eskom’s debt.

"The GEPF has noted the recent media reports including government support, as well as public discourse on the statement issued by the Congress of South African Trade Unions (Cosatu) titled, 'Key Eskom and Economic Intervention Proposals'.

"The GEPF would like to inform its members, pensioners and beneficiaries that the Fund has not received such a proposal nor has it been consulted on the Cosatu proposals or any other proposals to reduce Eskom debt.

"If the GEPF is approached with a proposal that requires investing in Eskom, such a proposal must will be considered on its merits in the best interests of members, pensioners and beneficiaries," the Fund said.

African News Agency (ANA)

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