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DENOSA urges Parliament to expedite the passing of the PIC Amendment Bill to safeguard public servants’ retirement savings 

Media statement 

Tuesday, 05 February 2019 

Given the latest developments at the Public Investment Corporation (PIC), which have led to the resignation of all board members on Friday, the Democratic Nursing Organisation of South Africa (DENOSA) urges Parliament to really fast-track the passing of the PIC Amendment Bill so that workers’ representatives could be part of the board of directors and guard against what has become blatant and unscrupulous behaviour in the management and investment of public servants’ retirement savings. 

The many grey areas and shenanigans that point to lack of transparency in the manner in which PIC decides on its investments, which have been unearthed at the inquiry, are just too many to tolerate and they turn our stomachs as workers.  

The PIC Amendment Bill will promote transparency. Without wanting to interfere with the investment decision-making at PIC, but it concerns workers that PIC’s investment picks always leave them with the egg on their faces as if thorough valuations of shares and other investments are not done. Billions of Rands have been lost as a result. 

These lost investments are taking place while majority public servants do not have houses. PIC just had a memorandum of understanding with SA Home Loans whereby PIC gave SA Home Loans R10 billion for public servants to be assisted with buying houses. Now we hear that SA Home Loans has run out of money to assist public servants and they are asking for a further R10 billion when they have failed to deliver for public servants. 

DENOSA believes strongly that the inclusion of trade union representatives in the board of directors is only a fair consideration given the manner in which the savings of workers have been mismanaged. We hope the finance minister will take this fairness into consideration when he appoints the new board of directors of PIC soon.   

End 

Issued by the Democratic Nursing Organisation of South Africa (DENOSA) 

For more information, contact:

Cassim Lekhoathi, Acting General Secretary 

Mobile: 083 328 9671 

Or 

Simon Hlungwani, DENOSA President 

Mobile: 082 328 9635 

Website: www.denosa.org.za

Facebook: DENOSA National Page 

Twitter: @DENOSAORG