COSATU no letters, white background.jpg
22 April 2016
COSATU welcomes government intervention on the Oakbay versus the banks saga
The Congress of South African Trade Unions welcomes the government's
decision to deploy three Cabinet ministers to engage this country's major
four banks on their decision to cut ties with Oakbay Investments. This
unprecedented decision by the banks needs to be reviewed because workers
livelihoods are at stake. We refuse to allow workers to be victims of
corporate conflicts. Workers cannot be made to pay for something that is not
of their own doing.
Hopefully this intervention by government will yield results and protect
workers and their jobs. The federation feels strongly that we cannot afford
to lose any more jobs, since our economy is already shedding jobs at an
alarming rate. Our unemployment rate of 33% is a potential source of social
upheaval and any further job losses will add to the number of
poverty-stricken South Africans , who are unable to feed their families.
COSATU is happy to see that our government is not distracted by scandalous
reports and media revelations and is still committed to preserving the
existing jobs. With a projected annual economic growth of 0.9%, and with the
current stagnation of our economy as a result of lower demand of commodities
, higher borrowing costs and poor business and consumer confidence, the
employment creation prospects look dim. This period calls for al social
partners to work together to preserve jobs.
Issued by COSATU
Contact:
Sizwe Pamla, National Spokesperson, 060 975 6794
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