Workers’ trillions should rebuild SA for all, not feed financial speculation for the few
The Public Investment Corporation and Government Employees Pension Fund need to move away from financial markets and private deal-making to where billions of rands are released to fund public housing, water, transport and job-creating infrastructure projects.
The article highlights the stark contrast between South Africa's vast pool of workers' pension funds and the lack of investment in the country's productive economy. While the Public Investment Corporation and Government Employees Pension Fund manage over R3-trillion, much of this capital is managed according to financial market priorities, rather than being directed towards job-creating infrastructure projects like public housing, water, transport, and more.
The author argues that the current management of these funds, which are meant to serve the public, is primarily benefiting asset managers and private deals, exacerbating unemployment and deindustrialization. The piece calls for a shift in mindset, from viewing pension funds as private corporations to understanding their role as public assets, tasked with investing in the nation's future prosperity.
Brief written by urgent.news from Daily Maverick's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
