South Africa Labor Unions Push for New State Pension-Manager Law
South Africa’s main labor group is pushing parliament to adopt proposed changes to laws regulating the continent’s biggest money manager, which oversees state workers’ pensions, to make it more accountable and give unions representation on its board.
Parliament’s finance committee is processing the Public Investment Corp. Amendment Bill, but the Congress of South African Trade Unions fears the state’s decision to appoint a commission to investigate the fund manager’s governance and operating model could derail its adoption. The commission will also consider possible changes to the PIC’s founding legislation, memorandum of incorporation and investment decision-making framework.
If the new law isn’t passed by the time the current parliament adjourns before the 2019 elections, it could take several more years for the new legislature to process it, according to Matthew Parks, Cosatu’s parliamentary liaison officer. The commission’s recommendations could be accommodated in another amendment bill, he said.
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