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Cosatu hails PIC's R3 trillion milestone as it urges vigilance against corruption

Cosatu commends the Public Investment Corporation's reaching an historic R3 trillion milestone. Image: File Trade union Cosatu on Wednesday lauded the Public Investment Corporation (PIC) for surpassing R3 trillion in assets under management, marking what it described as a historic milestone for the continent's biggest investment fund. The PIC, which primarily manages assets on behalf of the Government Employees' Pension Fund (GEPF), has seen significant growth from R2.7trl a year ago and R1.8trl during the Covid-19 pandemic. Roughly 87% of the PIC's funds are sourced from the GEPF, with additional contributions from the Unemployment Insurance Fund (UIF) and the Compensation Fund, among others. "It is sacrosanct that at all times the PIC invests and manages these funds, workers' hard-earned monies, in a manner that expands and enables them to fulfill their legislative mandates of allowing public servants to retire in security and comfort, to provide relief to workers who've lost their jobs or support them whilst they are on maternity, parental or adoption leave; as well as to compensate workers' whose health and lives have suffered in the course of their occupations," Cosatu said. The union called on the PIC to ramp up development-focused investments, aligning with its legislative mandate to stimulate economic growth, create jobs, and promote sustainability. South Africa's economy has struggled to reach its growth targets, with Cosatu reiterating the need to reach and surpass the 3% threshold. The PIC, a state-owned asset manager, has in recent years faced scrutiny over governance lapses and exposure to politically connected investments. It has since undertaken reforms, including tighter oversight and risk management frameworks. 'Whilst appreciating the efforts by the PIC to shut out the lecherous hands of those who seek to enrich themselves at the expense of workers and their funds, it must remain hyper vigilant to these realities and do more as this cancer of corruption has not disappeared altogether and remains an ever present threat to workers, the nation and the programme of renewal,' the statement warned. Cosatu said it would continue to work closely with the PIC to safeguard workers' interests. BUSINESS REPORT Visit: