COSATU commends the Parliament for its Extensive Public Hearings and Public Participation on the PIC Amendment Bill
14 March 2019
COSATU commends the National Assembly and the National Council of Provinces for the extensive public hearings they have held on the PIC Amendment Bill. The National Parliament has held more than five (5) rounds of public hearings on the PIC Bill over two (2) years.
The PIC is the investment vehicle for R2 trillion of public servants’ pensions, as well as workers’ unemployment and injury on duty insurance funds. It is the largest investment manager in Africa and holds 12.5% of JSE’s shares. It is too large to fail and it should not be allowed to go the route of Eskom.
The federation and its affiliates applaud both the NA and the NCOP’s Finance Committees for having set the bar for inclusive and extensive public participation in the drafting and formulation of the PIC Bill.
Workers appreciate the inclusion of the majority of their demands ranging from: