Eskom Nedlac agreement is a betrayal of workers and the public
8 December 2020
The agreement signed today at the National Economic Development and Labour Council (Nedlac) between labour, business and government, initially proposed by Cosatu, amounts to a betrayal of workers and the public at large, who will end up paying when government can no longer afford public pensions.
Importantly, the agreement ignores the only role-player who can actually decide on such a scheme - the Government Employees Pension Fund (GEPF). Without GEPF approval of this irresponsible scheme, the Public Investment Corporation (PIC) cannot proceed.
The GEPF is unlikely to ever be able to approve such an obviously bad investment, because this will be contrary to their fiduciary duty to their members (who are current and future pensioners) and will therefore be illegal.
Without the GEPF’s agreement, today’s signing ceremony was an irrelevant exercise in futility.