ANC wants pension funds to boost Covid-19 recovery
The African National Congress (ANC) has launched its discussion document on post-pandemic economic renewal on Friday, calling for pension funds to be mobilised to take over certain restructured Eskom assets.
The governing party launched the document on Friday.
Head of the ANC’s economic transformation committee Enoch Godongwana said the party remains committed to turning the country’s fortunes around.
“In the document we are arguing for a re-look of Regulation 28 to the extent that it does not provide an incentive,” says Godongwana.
“We are having discussion with the pension fund industry and National Treasury, we have not gone into the finer details of what those changes would be.”
ALSO READ:
Insurers warned over non-payment of lockdown claims
Earlier this week, the Western Cape High Court ruled against insurance company Guardrisk Insurance after it refused to accept liability for losses suffered by Cape Town restaurant Café Chameleon. In a statement, the authority said the lockdown cannot be used as grounds to reject a claim.
In the discussion paper, the ANC also calls for a massive, infrastructure-led recovery which will include expanded public-private partnerships.
“If properly packaged, there’s no reason why the pension funds should not invest in that infrastructure directly."
Godongwana said the proposed plan draws inspiration from the Reconstruction and Development Programme (RDP) and the National Development Plan (NDP).
“The ANC regards this as a positive development which will facilitate the kind of dialogue and kind of social compact which will put the country of a new growth path and begin to build a more inclusive and more just economy for all in South Africa.”