Medupi Explosion to be Analysed, Treasury Working on Pension Withdrawals

LOCAL NEWS

• Department of Public Enterprises to brief oversight committee on Eskom's Medupi plant explosion in which four employees were suspended over a deviation from maintenance procedures.
  • Energy Expert Chris Yelland says the damaged generator is irreparable and that costs of repair to the plant could be ~R2bn and two years to fix.
  • Briefing is expected to shed light of governance and financial status of state arms manufacturer Denel that recently announced turnaround measures
• National Treasury says it is working policy changes to allow early withdrawal of retirement savings, aiming to ensure the preservation of funds – so that most of the money is actually kept for retirement.
  • Notes SA households are already not saving enough, and too much freedom with the policy could be disastrous.
  • Despite this, it acknowledged there are times when emergency funds are needed – but withdrawals have to be limited. Unions are unhappy about potentially being excluded from the policy and have voiced their concerns in recent weeks
• ANC risks missing an IEC deadline to register candidates for this year's municipal elections as staff embark on a go-slow because of delayed salary payments and other benefits.
  • ANC has until 23 August, but employees refuse to work overtime or weekends until they are paid.
  • ANC has appealed to its staff to suspend the go-slow, describing the situation as critical. The go-slow has been in effect for over a month already, with the party acknowledging that it has run into financial issues
• Western Cape Premier says although Covid cases are on the rise in the province and hospitals remain under pressure, the rate of acceleration is seeming to slow.
  • The western cape remains the epicentre of the virus now, followed by KZN. SA reported 10,685 new cases & 533 deaths yesterday – News24