Taking COSATU Today Forward
‘Whoever sides with the revolutionary people in deed as well as in word is a revolutionary in the full sense’-Maoo
Our side of the story
Thursday, 4 November 2021
‘Deepen the Back to Basics Campaign, Consolidate the Struggle for the NDR and Advance the Struggle for Socialism’
All workers urged to take Covid19 vaccine jabs!
Organize at every workplace and demand Personal Protective Equipment Now!
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COSATU has a vacancy of a Provincial Educator/Organiser in Western Cape – Cape Town
COSATU seeks to appoint the Provincial Educator/Organiser based in COSATU Western Cape, Cape Town. The incumbent will be responsible for implementing Provincial Education and Organizing Programmes in the Province. Compile education inputs, deliver Education Programmes either discussed in the Province or decided upon head office. Organizing aspects in implementing material campaigns, organising programmes such as Recruitment, Service Locals and Coordinate Affiliates Organizers/Educators.
All applications clearly indicating the position applying for should be sent on or before the 15th November 2021 with detailed CV and contactable references to:
The COSATU General Secretary
Email to: khany...@cosatu.org.za
Only short-listed candidates will be contacted.
Amendments to Regulation 28 of the Pension Funds Act to encourage investment in infrastructure: Request for public comment
The National Treasury today publishes the second draft amendments to Regulation 28 of the Pension Funds Act for a two-week public comment period.
The first draft was published in February 2021. Thirty-nine (39) submissions were received via the public comment process. Most submissions welcomed the proposed amendment of the regulation. Several comments pointed out shortcomings in the ‘infrastructure’ definition. This definition limited infrastructure to installations, structures, facilities, systems, services, or processes relating to the matters specified in Schedule 1 of the Infrastructure Development Act (Act 23) of 2014. A further limitation is that the infrastructure must be part of the national infrastructure plan, which excludes private sector infrastructure and infrastructure in the rest of Africa or abroad.
The definition of infrastructure has been revised in the second draft of Regulation 28. The new revised definition is that infrastructure is “any asset class that entails physical assets constructed for the provision of social and economic utilities or benefit for the public”. This definition takes better account of the United Nations’ Principles for Responsible Investment (UNPRI) and the input from Association for Savings and Investment South Africa (ASISA). The ‘social’ aspect of the definition will accommodate impact investing by retirement funds. Impact investments are investments made with the intention to generate positive, measurable social and environmental impact alongside a financial return.
The second area of concern was with respect to infrastructure limits set out in the regulation. Some submissions argued the limits were too low, and others that the limits were too high, or the adjustments were not going to have any impact on infrastructure investment by retirement funds. A further comment was that the infrastructure columns introduced in the first draft caused confusion and that it was more important to deal with availability of bankable projects for retirement funds to invest in. The revised draft removes the infrastructure columns. However, the overall investment in infrastructure across all asset categories will be kept at 45% in respect of domestic exposure and an additional limit of 10% in respect of the rest of Africa.
The first draft regulation required retirement funds to provide reports on their investment in infrastructure. This requirement was perceived by some respondents to be too onerous. The second draft eases the reporting requirements and provides for reporting only on the top twenty infrastructure investments by a retirement fund.
A new restriction in Regulation 28 on retirement funds’ investment in crypto assets has been introduced, because they are seen to be of very high risk. This restriction is in line with the Intergovernmental Fintech Working Group (IFWG) policy proposal of not allowing collective investment schemes and pension funds to have exposure to crypto assets be maintained until further notice.
Comments are requested with regards to the updated definition, applicability of the proposed infrastructure limit across all asset classes, reporting requirements and proposed limits in the format provided on the National Treasury website. Comments on the draft notice will be accepted until 16 November 2021. Comments can be sent to Basil Maseko at in the prescribed format.
3 November, 2021
IndustriALL Global Union has called on multinationals doing business in Myanmar to take immediate action to cease their operations, divest, stop placing new orders, and halt business relations in the country, as part of a campaign of comprehensive economic sanctions against the military junta.
The interventions were made in a series of meetings and communications with multinationals in the energy, steel and garment industries as well as multistakeholder initiatives.
The actions taken are a consequence of a resolution in support of democracy in Myanmar, unanimously adopted at IndustriALL’s Third Congress on 14 and 15 September 2021, with the participation of 434 trade unions from 111 countries. The resolution calls for comprehensive economic sanctions against the military junta. The decision to call for sanctions was made by the labour movement of Myanmar and supported by trade unions and activists around the world.
IndustriALL’s core message is that human rights violations in the country make it impossible to trade ethically, as companies are not able to guarantee the safety of their workforce. The message to companies reads:
“…on 1st February 2021, a coup d’eìtat by the military in Myanmar led to the detention of democratically elected leaders of National League for Democracy (NLD) Win Myint and Aung San Suu Kyi and of many other political leaders, hours before the swearing-in ceremony of new parliament and the formation of a new cabinet. The military junta has since carried out arrests, killings and other forms of violence against politicians, activists and workers in Myanmar.
“At least 1,088 people have been killed by the military, over 8,100 people have been arrested and 1,984 arrest warrants have been issued.
“Hundreds of thousands of workers already lost their jobs. Trade unionists and workers taking part in peaceful demonstrations are being hounded by the military. People in military or police custody are brutally tortured, often leading to death. Many workplaces and industrial zones such as Hlaing Thar Yar and Shwepyitha have been violently attacked by the military.
“It is imperative to act now to strengthen and support democracy in Myanmar and thus help to end the blatant violations of human rights and trade unions rights.
“We strongly believe that the support and strict adherence of brands to enforcing comprehensive economic sanctions will greatly contribute to restoring the free exercise of the fundamental rights of people in Myanmar.”
A UN human rights expert recently warned the General Assembly that “Myanmar could be on the eve of an even greater human rights catastrophe and loss of life amid reports the military junta is deploying tens of thousands of troops and heavy weapons to northern Myanmar”.
Norman Mampane (Shopsteward Editor)
Congress of South African Trade Unions
110 Jorissen Cnr Simmonds Street, Braamfontein, 2017
P.O.Box 1019, Johannesburg, 2000, South Africa
Tel: +27 11 339-4911 Direct line: 010 219-1348