Prescribed assets will benefit black people, like they benefited whites under apartheid – Shivambu

- | 5 months ago

During a parliamentary debate on draft legislation on the insourcing of workers tabled by the Economic Freedom Fighters (EFF), the party’s deputy president Floyd Shivambu addressed the topic of prescribed assets.

President Cyril Ramaphosa said in August that South Africa should discuss prescribed assets, the policy of using worker pension funds to finance development and infrastructure projects, a proposal that earned the backing by the Congress of South African Trade Unions (Cosatu). According to Shivambu, there shouldn’t be an outcry about government potentially adopting this policy, as all white South Africans are already a beneficiary of prescribed assets due to apartheid-era policy.

“Let’s us clarify prescribed assets; the reality is that all white people in South Africa are beneficiaries of prescribed assets by the apartheid government,” he said.

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