NUMSA STATEMENT ON COMMENTS ATTRIBUTED TO MINISTER OF ECONOMIC DEVELOPMENT ON RETIREMENT FUNDS

The National Union of Metalworkers of South Africa (Numsa) notes the comments attributed to the Minister of Economic Development Cde Ibrahim Patel in relation to pension funds being directed into development projects, and also that a portion of the funds under the control of the Public Investment Corporation (PIC) be leveraged for the public good.

These comments are refreshing coming from the high echelons of power in the midst of massive challenges of unemployment, service delivery backlogs, underdevelopment and poverty that are engulfing the vast majority of the workers and the poor. As Numsa, we look forward to engagements that will include our colleagues from UASA and other trade unions, in the light of billions of workers' monies that were lost in the recent global financial crisis.

We call on Minister Patel to initiate a structured public engagement with all the relevant stakeholders, particularly trade union-appointed and employer-appointed trustees for consensus and implementation. As Numsa we are interested in such a discussion informed by ANC's Elections Manifesto, numerous Alliance Summit discussions as well as long-standing Numsa and Cosatu resolutions. We believe that these retirement funds can play a key role in reversing the colonial character of our economy and spatial apartheid development.

Statement issued by Castro Ngobese, National Union of Metalworkers of South Africa, March 9 2010

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