A trade union representing the majority of workers at the Public Investment Corporation (PIC) has threatened to go on strike if workers are not paid performance bonuses.
The workers who could go on strike over the matter include fund and portfolio managers, as well as administrative and general workers.
Solly Malema, national organiser of the National Union of Public Service & Allied Workers (Nupsaw), an affiliate of the SA Federation of Trade Unions (Saftu), said the union represented more than 250 members of the PIC’s estimated 400 employees. The union held a lunch-hour picket at the PIC’s headquarters in Pretoria on Monday over the non-payment of performance bonuses.
“There is an HR policy that regulates performance bonuses for workers. What happened is that the employer changed that policy without consulting the union. We are the only union at the company,” said Malema.
“Those unilateral changes are now affecting workers in terms of them getting their performance bonuses. We are saying the employer must reinstate the terms and conditions in order for workers to receive their performance bonuses.”
Malema said they had given management seven days to address the matter, failing which they will serve the company with a strike notice.
Efficient Group chief economist Dawie Roodt said a strike could lead to “inferior returns on investments”.
The PIC is the biggest asset manager in Africa and about R2-trillion on behalf of the Government Employees Pension Fund.
“The core business of the PIC is to look after the pension funds of civil servants. It invests the money under its control in the private sector or in the financial market,” said Roodt. “In simple terms, a strike could result in inferior returns on investments.”
The PIC said it will study the contents of the memorandum it had received from Nupsaw before responding to the union.
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