Using pension money for Eskom puts life savings at risk

LaraC

Honorary Master
Joined
Mar 11, 2014
Messages
40,057
The Congress of South African Trade Unions wants to use some of the 1.8 trillion rand ($114 billion) in the Government Employees Pension Fund to help Eskom repay borrowings and supply sufficient power.
At least they aren't lying to call it an investment. :rolleyes:
 

beans100

Honorary Master
Joined
Jul 30, 2010
Messages
11,393
They're not "putting life savings at risk". That's misleading to say that. They're throwing it away. You won't see it again. Ever.
They couldn't recover.....well, how many billion are they on now....but they think they can return the pension money they want to take.
 

Ryansr

Expert Member
Joined
Jul 22, 2012
Messages
3,914
It will only be the pension fund called the GEPF (Government Employees Pension Fund) that would stand to lose billions of Rands to keep Eskom afloat. Most SA people and businesses don't like state employees anyway, so this could end up as just another public service to the rest of the SA public without much further disruption in the SA economy. Rather say thank you to your nearest known person(s) working for the state. You're welcome SA. :unsure:
 

supersunbird

Honorary Master
Joined
Oct 1, 2005
Messages
51,503
It will only be the pension fund called the GEPF (Government Employees Pension Fund) that would stand to lose billions of Rands to keep Eskom afloat. Most SA people and businesses don't like state employees anyway, so this could end up as just another public service to the rest of the SA public without much further disruption in the SA economy. Rather say thank you to your nearest known person(s) working for the state. You're welcome SA. :unsure:
You do know they have been talking about using private retirement fund for this as well, right?
 

RonSwanson

Expert Member
Joined
May 21, 2018
Messages
2,402
The Eskom employees have a defined benefit fund, so their "life savings" are only at risk if there aren't any more taxpayers to bail out the fund once the ANC and BEE snouters have had their fill.
 

Gaz{M}

Executive Member
Joined
Feb 9, 2005
Messages
6,173
Just transfer the debt to the state. Yes, we get a downgrade, but now the repayments come from tax increases, and everyone can pay a little. Pensions are "pre-tax" and therefore safe.

Encourages people to invest more in pensions, not less.
 
Top