• IS provokes sea-change

    It has been a grave mistake to defy both Russia and France, says Leopold Scholtz.

  • Nene's SAA nemesis

    No political figure seems to have the guts to speak out against Dudu Myeni, says Solly Moeng.

  • The mp3 revolution

    Ian Mann takes a look at the war between digital music and the compact disc.

All data is delayed
See More

Cosatu singles out Mvela CEO

Jun 30 2011 16:50
I-Net Bridge
Johannesburg - Trade union federation Cosatu on Thursday singled out Mvelaphanda Resources CEO Pine Pienaar as an example of the country's rising inequality.

On the final day of its fifth central committee meeting, Cosatu issued a draft declaration that said South Africa had now become the most unequal country on earth.

"Fifty per cent of South Africans live on 8% cent of our national income," the declaration said.

"Pine Pienaar, CEO of Mvelaphanda Resources, made R63m in 2009, 1 875 times more than the average worker. And inequality still reflects the racial bias of the apartheid years, as white people earn on average in one hour what African workers earn in a day."

The draft declaration also said that while millions voted for the ANC, knowing that it had delivered many improvements such as new houses, running water, electricity and the rollout of antiretroviral drugs, they still lived in dire poverty.

"We still have an outrageous level of unemployment - 36% - by the more realistic expanded level which includes the rising numbers who have given up even looking for a job," the draft declaration said.

It said SA had failed to escape the fault lines in the economy inherited from colonialism and apartheid, which is over-dependent on the export of raw materials and the exploitation of cheap labour.

"The global economic recession affected South Africa more than most because unemployment was already so high beforehand. More than a million jobs disappeared in 2009 and 2010," the draft declaration said.
cosatu  |  mvelaphanda group  |  anc  |  pine pienaar  |  wages



Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Company Snapshot

We're talking about:


Marketing is a big concern in SA's small business community, followed by a lack of confidence and partnering with the wrong people, according to a survey.

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

The 25 basis points interest rate increase is:

Previous results · Suggest a vote