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PSA Deputy General Manager, Tahir. PIC LinkedIn.

PSA requires the defending of public servants savings

The Public Servants Association (PSA), is heightening the protection of public servants pension investments.

This comes in the wake of late stunning news of bookkeeping inconsistencies in one of the real players in the Johannesburg Stock Exchange (JSE), Steinhoff.

PSA is the second biggest Public Service union representing more than 230 000 individuals from the Government Employees’ Pension Fund (GEPF).

“There is a claim that Fund members may have lost about R12.5 billion through misfortunes in interests in Steinhoff,” PSA Deputy General Manager, Tahir Maepa said in a statement.

The GEPF is the greatest single speculator in the JSE.It misfortunes due to share-value drops on the JSE following the Steinhoff fiasco are as yet obscure, however, they expect to be serious.

“The PSA has approached the Public Investments Corporation (PIC) and the GEPF determine the full extent of losses,” said Maepa.

In letters dated September 5, 12 and October 26, 2017, the PSA had asked Finance Minister, to draw in with work about public servants administration annuities contributed at the PIC.

The PSA, had in the letters, request that the Minister revise the Memorandum of Incorporation (MOI).MOI will incorporate GEPF portrayal on the Board, to fill three existing opening with labour representatives at the PIC Annual General Meeting in November 2017.

The PSA likewise requested that 80% of the PIC’s Board must comprise of public servants and required the evacuation of current Board individuals with clashing interests.

Maepa said the Union additionally needs full exposure of non-recorded organisations effectively conceded subsidising by the PIC and the solidifying of financing for funds of this nature.

As per Maepa, PSA moreover asked for more data on the reason for an independent forensic audit requested by the Minister.

The PSA has in the past focussed on unlisted ventures, yet will now increase its battle on recorded speculations.

“The PSA won’t enable monetary fumble and debasement to ruin public servants and will make strides important to ensure they secure individuals’ rights and intrigue,” said Maepa

 

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