JOHANNESBURG – Labour federation Cosatu was locked in talks with big business on Wednesday as it continued to negotiate a consensus around its proposal to use government workers’ pension funds to bail out the bankrupt power utility Eskom, in a desperate effort to stave off a Moody’s credit-rating downgrade. Cosatu said it was ironing out “minor differences” and concerns with big business over the plan.
The proposal was formally tabled at a meeting of social partners at the presidential working committee at Nedlac on Monday, with discussions continuing through yesterday. Coastu has proposed that the government dips into pensions managed by the Public Investment Corporation to pay about half of Eskom’s crippling R454 billion debt.
Cosatu spokesperson Sizwe Pamla said the federation’s key intervention proposals for Eskom were presented to the alliance political council late last year, as well as the January ANC national executive committee lekgotla, where they received broad support.
_cosatu Eskom_SA Why don’t _cosatu dip into the union coffers to assist Eskom_SA in reducing its astronomical debt! F🤬!!!
_cosatu Eskom_SA And who exactly is COSATU to even think of illegally taking his member’s pension money? Do they understand that they will have nothing if they do a VBS on PIC?
_cosatu Eskom_SA No need for PIC. ESKOM is a monopoly. It is more than capable of paying that debt by 2025 and becoming profitable for the country. Put capable people to run it. Get rid of these middle cc's buying electricity on behalf of municipalities eg. CENTLEC(FS). That's just a start.
_cosatu Eskom_SA South Africa, only solution, for Eskom, increase general sales tax, make electricity free, but if you overuse your allocation, you're cut off immediately, this will cut out the illegal connections.
_cosatu Eskom_SA PIC not a reserve to dip into, to cover up shortfalls. Why doesn't NPA_Prosecutes arrest all StateCapture looters & recover billions looted? Eskom_SA particular hard hit by Graft Maladministration Theft.. _cosatu wants workers to retain jobs, to keep their numbers high.
_cosatu Eskom_SA The self destruction machine is gaining speed
_cosatu Eskom_SA This ones are lost
_cosatu Eskom_SA Do they ever consult members of the fund?
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Cyril Ramaphosa 'favours' Cosatu proposal to lower Eskom debtPresident Cyril Ramaphosa is “favourably disposed” to a proposal by the country’s largest trade union federation to lower the debt of struggling state power utility Eskom, his spokeswoman said on Wednesday. Union federation Cosatu proposed at a meeting with Ramaphosa and business leaders on Monday that the Public Investment Corporation (PIC) and local development finance groups could help lower Eskom’s debt by about R250 billion.
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