Cosatu in talks with government regarding cutting Eskom debt

Jamie McKane

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Cosatu in talks with government regarding cutting Eskom debt

The Congress of South African Trade Unions, the country’s biggest labour federation, said significant progress was made on Wednesday in its talks with government and business over its proposed plan to cut Eskom Holdings SOC Ltd.’s debt.

“There were broad in-principle agreements,” said Matthew Parks, Cosatu’s parliamentary coordinator, in an interview. There was an agreement “there needs to be a big bang intervention,” he said, adding that that applied to other areas of the economy as well as Eskom.

[Bloomberg]
 

Kosmik

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Lol, so cut the debt to yourself? And where do you think the money is going to come from to pay for whats needed?

Boje moi.
 

thestaggy

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The discussion over so-called prescribed assets had “become an ugly, polarizing debate and that’s so unnecessary,” Parks said.
Yes, because its not your money you leech.
 

SilverCode

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Cosatu has also proposed that a discussion begin on the use of money from private pension funds to fund state infrastructure. The main business lobby group has said that any such development must ensure that fund mandates are not compromised and the same applies to the fiduciary duty of trustees.
The fact that their plan to "save Eskom" is to keep pumping blood into the dying SoE instead of actually attending to the injuries and stemming the bleeding means that the funds will be compromised as soon as they are handed over.

Cosatu should run a poll for the members asking if the members agree to all give up their pensions so that some of them can keep their jobs. Because that's what this farce is, trading pensions for jobs.
 

SilverCode

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If the ANC was to put a plan in place to cut wasteful expenditure at Eskom, get rid of 2/3 of the useless staff, ensure the right people fill the right positions and then most importantly agree to stop ****ing meddling in Eskom and dragging politics into the fray, I'm almost certain private investors will be jumping at the chance to invest in a company that has a monopoly on arguably the most crucial resource in the world.

But nope, easier to throw peoples pensions at the problem, because **** doing things the right way.
 

Mista_Mobsta

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WTF is Cosatu doing "advising" Eskom anyway?

They are a LABOUR union, not a consulting Union.

If I was the CEO of Eskom, I would shove them aside like the garbage they are, put them in their place and move on with trying to save a sinking ship.

Why are we entertaining utter idiocy in this country?
 

MidnightWizard

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Cosatu in talks with government regarding cutting Eskom debt

The Congress of South African Trade Unions, the country’s biggest labour federation, said significant progress was made on Wednesday in its talks with government and business over its proposed plan to cut Eskom Holdings SOC Ltd.’s debt.

“There were broad in-principle agreements,” said Matthew Parks, Cosatu’s parliamentary coordinator, in an interview. There was an agreement “there needs to be a big bang intervention,” he said, adding that that applied to other areas of the economy as well as Eskom.

[Bloomberg]
They got ONE thing correct ...
 

Neuk_

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Their 'Big Bang' solution is like applying a round plaster to someone who has been decapitated :rolleyes: Repaying Eskom's debt is merely one issue and in reality is actually a symptom of a far bigger issue that needs to be addressed.
 

ToxicBunny

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WTF is Cosatu doing "advising" Eskom anyway?

They are a LABOUR union, not a consulting Union.

If I was the CEO of Eskom, I would shove them aside like the garbage they are, put them in their place and move on with trying to save a sinking ship.

Why are we entertaining utter idiocy in this country?
If you don't entertain them they throw hissy fits like 2 year olds and go on strike.... Eskom can ill-afford a striking workforce at the moment.
 

ToxicBunny

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There we go - anyone that wants to convince me that these large unions are good for SA, is more than welcome to try.

IMHO
We need a good Thatchering of this country...
I 100% agree with you on the Thatchering aspect...

The unions NEED to have the rug pulled out from underneath them.
 

The_Mowgs

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If you don't entertain them they throw hissy fits like 2 year olds and go on strike.... Eskom can ill-afford a striking workforce at the moment.
So this will become the norm then? They will use pension money for all bailouts now.

This bandage needs to be ripped off and let the axe wound heal but we all know this will never happen. They will probably start printing money to exchange for real money from tax payers to pay debt, debt which are their own fault!
 

Corelli

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Wait the ANC itself is a sharedholder in the companies getting money from the Eskom disaster. So effectively they will be transferring State Pension money to that of their own pockets
 

smi

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Wait the ANC itself is a sharedholder in the companies getting money from the Eskom disaster. So effectively they will be transferring State Pension money to that of their own pockets
My bet is th ANC would rather take private pensions than their voter base
 

furpile

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WTF is Cosatu doing "advising" Eskom anyway?

They are a LABOUR union, not a consulting Union.

If I was the CEO of Eskom, I would shove them aside like the garbage they are, put them in their place and move on with trying to save a sinking ship.

Why are we entertaining utter idiocy in this country?
They are not advising Eskom, they are advising the government. So basically the ANC. And since Cosatu keeps the ANC in power they have a say where they definitely should not have.
 
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