COSATU welcomes government’s intervention on the Oakbay versus the banks saga

22 April 2016

The Congress of South African Trade Unions welcomes the government’s decision to deploy three Cabinet ministers to engage this country’s major four banks on their decision to cut ties with Oakbay Investments. This unprecedented decision by the banks needs to be reviewed because workers livelihoods are at stake.  We refuse to allow workers to be victims of corporate conflicts. Workers cannot be made to pay for something that is not of their own doing.

Hopefully this intervention by government will yield results and protect workers and their jobs. The federation feels strongly that we cannot afford to lose any more jobs, since our economy is already shedding jobs at an alarming rate. Our unemployment rate of 33% is a potential source of social upheaval and any further job losses will add to the number of poverty-stricken South Africans , who are unable to feed their families.

COSATU is happy to see that our government is not distracted by scandalous reports and media revelations and is still committed to preserving the existing jobs. With a projected annual economic growth of 0.9%, and with the current stagnation of our economy as a result of lower demand of commodities , higher borrowing costs and poor business and consumer confidence, the employment creation prospects look dim. This period calls for al social partners to work together to preserve jobs.

Issued by Sizwe Pamla, National Spokesperson, COSATU, 22 April 2016