Fin24

Union: Hands off pensions

2012-06-25 17:12

Pretoria - Trade union Uasa has criticised an ANC proposal to channel private pension and life assurance money into state enterprises and development finance instruments.

Spokesperson Helen Ueckermann said the "immoral" proposal should be abandoned.

"Out of respect for the country's workers, government should put a stop to this plan before it goes one step further," she said.

"The mere fact that this so-called plan is on the African National Congress' table for discussion borders on the immoral."

The plan is reportedly due to be discussed at the ANC policy conference which kicks off on Tuesday in Midrand.

Ueckermann said reputable role players in South Africa's pension and asset management industry would not allow pension fund money to be invested in state development projects.

"The risk of fraud and corruption is considerable and it is doubtful whether the state will be able to create investment opportunities with a good return on investment on the workers' savings," she said.

"The millions of rands out of the civil service pension fund invested in Gauteng's doomed e-tolling project are a frightening case in point," said Ueckermann.

She said if the plan was introduced, it would be detrimental to the much-needed investment in South Africa.

"This absurd plan is a golden opportunity for the ANC to alienate investors even further," she said.

Comments
  • tsietsi.mshengu - 2012-06-25 17:32

    Are these people sick or are they crazy? How can they even think of such an idea? They know fully well how corrupt they are. This money will go down the drain, obviously. I can't think of one project that they have engaged in and it became a success. Nxh!

      adrien.mcguire - 2012-06-25 17:42

      Well said !!!! I couldn't agree more. The government has enough trouble managing the tax money, how on earth do they think that they are going to manage more!

  • zolisa.dlokovu - 2012-06-25 17:44

    Nonsense.No union will support this idea. These people are looting and they should not be allowed to take every cent from the workers.This country is run by people who are oppressing the masses.We must stop them.To them running the state is about making money.I hope that the trade unions will take them to court and no court will rule in their favour

  • lithamampintsha.ndabula - 2012-06-25 18:06

    this is starting to give me sleepless nights

  • ian.d.samson - 2012-06-25 18:14

    They have already got the GPF to "sponsor" (by way of collateral) the R20-bn for GFIP and they want more to spend on their excesses? HANDS OFF THE PENSIONS, ANC, it's NOT YOUR MONEY! Damn cANCer, ought to be surgically removed by a DA victory in 2014! VOTE DA for a decent future in South Africa. Vote ANC for corruption, ineptitude, fraud, waste, self-indulgent expenses and a deserted future!

  • Bless Boswell - 2012-06-25 18:26

    Just another way of lining their pockets. It should be declared illegal to play with the public's pension money.

  • ben.spreeth - 2012-06-25 19:54

    Do they really want a revolution?

  • alan.smart.102 - 2012-06-25 20:28

    http://www.news24.com/MyNews24/FEAR-The-driver-behind-white-economic-power-20120624

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