The Police and Prisons Civil Rights Union (POPCRU) has noted the call by Credit Rating Agencies (CRAs) for the government to rein in the public sector wage bill following Finance Minister Nhlanhla Nene’s Budget speech on the 25th February. It is no secret that these rating agencies are not serving their primary purpose of supporting investors and businesses with accurate information on the riskiness of various kinds of debts but instead are defrauding businesses and approving extremely risky mortgage-related securities.
It is no doubt that their motive is to create a scare for investors with their unsubstantiated ratings and putting South Africa in unfavorable position as an investor of choice. Although our country is still at its developing stage many investors across the globe have demonstrated interest in doing business with us because they see our capabilities and economic stability.
During his presentation Finance Minister announced various approaches such as a 1% increase for all taxpayers earning more than R181,900 a year which the government will embark on to ensure that there is sustainability and growth in our economy. POPCRU supports the radical economic transformation as the only tool that will ensure that the National Democratic Revolution becomes a reality.
As a union organising in the public sector we believe that our members deserve reasonable salaries in line with their duties hence we call on the government to not collapse the wage bill. We cannot shy away from the excellent work done by public servants in our country. We believe that if the bill posed any threats, the government would have addressed the matter and put precautionary measures.
These agencies are nothing by profit driven capitalists wiling to defraud and create a vote of no confidence to investors about their perceived South African economic landscape.
Issued by POPCRU 04/03/2015
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