Home / Business / Pensioners refuse prescribed wealth plan

Pensioners refuse prescribed wealth plan



The intention of South Africa to claim the state employee pension
Means to revive a troubled economy would be strongly rejected on Sunday
Times reports citing a large pension trading group.

The lobby group of state employee pension funds does not trust
Government invests in pension funds to rescue troubled state-owned companies
like utility Eskom Holdings, said Adamus Stemmet, spokesman for
Association for monitoring and advocacy of state pensions. The investments
Stemmet told the weekly newspaper that he would not get any positive returns.

President Cyril Ramaphosa told Parliament on 22
The nation must debate the use of mandatory assets to rejuvenate and
Boosting the sluggish economic growth. Continuing the investment of pension funds in the
For example, the debt-laden state utility Eskom would have more consequences
Losses, said Stemmet.

"If we could have trusted the government, it could be
been an option, "said Stemmet. But we can not trust this government;
There would be a negative return on any money invested in Eskom or another
state-owned company.

The Public Investment Corporation, which manages R2trn
On behalf of state employees, is under pressure to adopt a mandate that includes:
Economic growth instead of focusing only on financial returns.


Source link