Johannesburg - A meeting between the Public Servants Association of South Africa (PSA) and Public Investment Corporation (PIC) has yielded numerous positive results for public servants, it emerged on Tuesday.
The meeting follows requests by the PSA for PIC for disclosure of information related to some investments made on behalf of the Government Employees Pension Fund (GEPF) and resulted in the PIC indicating its willingness to disclose information related to unlisted investments in due course.
The corporation further indicated it's willingness to research possibilities for products that will benefit public servants which may include housing and education support at market-related rates.
PSA general manager Ivan Fredericks in a statement hailed the productive meeting between the two.
"The PSA has appreciation for the PIC’s willingness to address our concerns to allay public servants’ fear related to their pension investments".
“The PSA is pleased with the PIC’s commitment to manage public servants’ pension investment to yield greater benefits for the contributors. The PSA will not prescribe to the PIC how it must or how it should conduct its business, that is the role of GEPF but the union will simply hold both the PIC and the GEPF accountable where there is glaring poor decisions making,” Fredericks added.
Fredericks added that: “The PSA welcomes the PIC’s stance on the possible ammendment of the PIC Act to include union representatives on its board of directors. board appointments should be in the interest of the depositors, to strengthen the PIC’s mandate, to eliminate political interference and appointment of persons with a questionable background.
"The commitment by the PIC and its chief executive officer (CEO), Dr Dan Matjila, to restore trust in the corporation is welcomed. Whilst the PSA noted that the recent soft loan to Eskom yielded some R30 million in income, a stern warning is issued that bailouts for cash-strapped state-owned entities will not be condoned."
The union has since invited the PIC and GEPF to address it's delegates at the upcoming PSA Congress taking place in September 2018 to allow for greater clarity on issues at hand.
"It is important for public servants to have more insight into the investment of their pensions and this engagement is set to yield positive results in various areas,” Fredericks concluded.