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DENOSA aggrieved that nurses’ retirement savings with GEPF are now bailing out naughty Eskom! 

Media statement 

Tuesday, 06 February 2018 

The Democratic Nursing Organisation of South Africa (DENOSA) is highly aggrieved and angered by yesterday’s announcement that Government Employees Pension Fund (GEPF), through its fund manager Public Investment Corporation (PIC), have seen it absolutely fine to bail out the naughty Eskom with a whopping R5 billion from public servants’ retirement savings! 

What is frustrating is that a chunk of this R5 billion is also from nurses’ retirement savings, yet their many cries over poor conditions of service are not responded to by government. One of the many cries is that only a fraction of nurses own houses because they simply cannot afford bonds. Despite this, PIC and GEPF still see it fit to throw good money after bad into one same company. 

It is no longer a secret that Eskom has brought its current financial woes onto itself. Because majority nurses are in the public sector, DENOSA is even more aggrieved that PIC still has the guts to risk workers’ money one more time. Not long ago, billions of public workers’ money was washed away when Steinhoff lost its value on the stock exchange.

DENOSA calls on tight scrutiny to be put on the soundness of PIC’s investment selections to check if it has not invested on many risky businesses – so that there are not too many Steinhoffs and Eskoms in its investment portfolio which is posing nothing but danger   

Eskom simply gave away its good books to the Guptas and their parasitic agents who were siphoned into the utility, and now they are walking freely out there when Eskom is the shadow of its former self! 

As DENOSA, we are not buying too much into the reasoning of PIC that they have done their due diligence in checking the safety of borrowing Eskom. Surely they used the same due diligence before they invested in Steinhoff, which lost billions of public servants savings?

DENOSA will engage its sister affiliates in the public service and federation COSATU so that this ‘father-Christmas’ behaviour by GEPF and PIC is not tolerated any longer, and certainly not at the time when so many unresolved challenges for workers remain. 

Or are they also going to borrow government funds so that public servants’ justifiable salary demands are met for 2018 in the public service? We truly hope so! 

End  

Issued by the Democratic Nursing Organisation of South Africa (DENOSA)

For more information, contact:

Cassim Lekhoathi, DENOSA Acting General Secretary

Mobile: 082 328 9671

Or

Simon Hlungwani, DENOSA President

Mobile: 082 328 9635 

Website: www.denosa.org.za

Twitter: @DENOSAORG

Facebook: DENOSA National Page