Earlier considerations have found the move unwise, so what has changed to make this the solution?
The first thing that comes to mind when looking at Cosatu’s plan to save Eskom using state pensioners’ money is that if it’s such a clean and simple idea, why had nobody thought of it before? The problem is that people have thought and debated it before, and rightly decided it wouldn’t be wise.
Even if it was, the risk in this case would not be borne by Cosatu members. As far back as June 2019, the Public Servants Association , whose members contribute the most to the funds administered by the Public Investment Corporation , said it wanted the PIC to stop buying Eskom bonds. Assuming this will be on top of the government’s existing commitments to fund Eskom over the next decade, we will be talking north of R350bn. That’s not even taking into account the above-inflation tariffs that Eskom has been granted. There must be a time when enough is enough.
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