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The South African Communist Party (SACP) has noted the communication issued by the Congress of South African Trade Unions (Cosatu) following its Special Central Executive Committee meeting held on 14 May 2026, including Cosatu’s reaffirmed interest in the Conference of the Left and its request for further engagement on the character, role and arrangements of the conference.
Cosatu has been part of the broader political process towards the Conference of the Left. While the initiative was originally advanced by the SACP, the conference is now being driven through a broader Steering Committee made up of social and political formations, including Cosatu and other progressive forces.
The Party welcomes Cosatu’s continued commitment to strengthening working-class unity, rebuilding progressive forces, and advancing a socialist-oriented programme against austerity, unemployment, inequality, poverty and the deepening crisis facing workers and communities.
The SACP will engage Cosatu this week to provide a full briefing on the work of the Steering Committee, the state of preparations, the political objectives of the conference, and the role of participating formations. This engagement will also allow the Party and Cosatu to clarify any outstanding organisational and political matters in a comradely manner.
The SACP remains firmly committed to ensuring that the Conference of the Left becomes a unifying platform for workers, communities, social movements, progressive organisations and left formations to develop a common programme of action.
The struggle for working-class unity and socialist transformation continues.
Pick n Pay says it intends to use the proceeds of the sale of Boxer shares to support its turnaround plan and strengthen its financial position. (Thapelo Morebudi)
Retailer sells about 57.3-million Boxer shares, about 12.5% of the business
Struggling retailer Pick n Pay has resorted to selling a portion of its stake in top-performing discounter Boxer to fund its multi-year turnaround plan.
Pick n Pay said on Tuesday it has successfully sold about 57.3-million Boxer shares, roughly 12.5% of the business, to investors through a fast-tracked private placement, raising R4.7bn.
The shares were sold at R82 each, slightly above the recent average price. After the sale, Pick n Pay holds a majority stake of about 53.1%.
The company said it intends to use the proceeds to support its turnaround plan and strengthen its financial position.
“Pick n Pay intends to deploy the net proceeds from the placement to support the ongoing implementation of its turnaround plan and growth strategy while ensuring maximum financial flexibility over the medium term,” it said.
“This will enable the group to continue executing on its strategic priorities, investing ahead of the plan, with a clear pathway to returning the core Pick n Pay Stores segment to cashflow break-even.”
Pick n Pay said Boxer remains central to its strategy, describing it as a “vital part of the group”.
“Pick n Pay is committed to retaining a controlling stake in Boxer and to participating in its impressive growth trajectory as it continues to be a key engine of value creation for the group and its investors,” the company said.
The share sale comes as part of a broader turnaround strategy aimed at stabilising the retailer after a period of declining performance in its core supermarket business.
Pick n Pay has cited progress in improving its product offering, store execution and store-estate quality. It said these changes have contributed to improved like-for-like sales growth in company-owned supermarkets and better gross margins.
“A new logistics agreement is set to deliver efficiencies over the coming years,” the company said, adding the improvements are expected to support future performance.
Over the past years, Pick n Pay has also taken steps to reduce losses and improve operational efficiency. These include closing or converting loss-making stores, investing in pricing competitiveness and improving in-store execution.
The retailer’s trading losses in its core business have been reduced, while like-for-like sales returned to growth. The company has also worked to restore its balance sheet through a recapitalisation process.
At the same time, Pick n Pay said it is continuing consultations with labour groups as part of efforts to improve store operating costs and efficiency.
“Pick n Pay is also engaged in ongoing consultations with our labour partners to improve store operating efficiencies and costs,” it said.
While this effort aims to improve costs, unions have rejected it, saying it is a plan to drive workers out.
GoTyme Bank is making a bold statement about the future of digital banking: the people building the company should also share in its upside.
The fast-growing digital lender, backed by South African billionaire Patrice Motsepe, has launched an employee ownership initiative that will allow more than 2,000 workers across its global operations to hold stakes in the business. The move is designed to deepen employee commitment, improve retention, and align staff more closely with the long-term ambitions of Tyme Group, GoTyme’s Singapore-based parent company.
Patrice Motsepe
For a digital bank still in a hyper-growth phase, the decision is both strategic and symbolic. It turns employees from workers into stakeholders.
Building an ownership culture
GoTyme Bank CEO Cheslyn Jacobs said the bank wants staff to “behave like owners.” That statement captures the thinking behind the initiative. In fast-scaling businesses, especially digital banks competing across multiple markets, execution depends heavily on speed, commitment, customer focus, and internal alignment.
GoTyme CEO, Cheslyn jacobs
By giving employees a financial stake, GoTyme is betting that staff will become more invested in the company’s performance. The bank expects the programme to strengthen employee dedication, reduce staff turnover, and create a stronger sense of shared purpose as it expands across Africa and Asia.
Employee ownership schemes are not new in banking, but GoTyme’s approach stands out because it is being extended broadly across the company, not reserved only for senior executives or early employees.
A bank growing beyond South Africa
GoTyme Bank is part of Tyme Group, a digital banking group with operations across South Africa and Southeast Asia, including the Philippines, Vietnam, and Indonesia. The group also has a presence linked to markets such as Hong Kong, Singapore, and other parts of Asia.
Its growth has been rapid. GoTyme serves millions of customers across its core markets and is reportedly adding hundreds of thousands of new customers every month. In South Africa, its earlier TymeBank model gained traction by using self-service kiosks inside Pick n Pay and Boxer stores, allowing customers to open accounts in minutes without visiting a traditional bank branch.
That model helped the bank reach many customers who had been underserved by traditional banking channels.
Strong investor backing
GoTyme’s growth story has attracted major investors. Tyme Group is majority backed by African Rainbow Capital, linked to Patrice Motsepe, which owns a significant stake in the business. Other investors include Tencent, British International Investment, M&G’s Catalyst Fund, the Gokongwei Group, and Nubank, the Latin American digital banking giant that invested $150 million in Tyme’s Series D funding round.
GoTyme was valued at about $1.5 billion in 2024 after that fundraising round. The company has also raised close to $600 million over time, giving it the capital base to scale across multiple emerging markets.
Preparing for a bigger future
The employee ownership plan also comes as GoTyme prepares for a possible public listing within the next three to four years. Management has indicated that any listing will depend on market conditions and valuation expectations.
Jacobs has suggested that the bank could eventually target a valuation of around $15 billion as it scales toward 50 million customers globally.
That ambition explains why employee ownership matters now. If GoTyme continues to grow, staff who helped build the business could share directly in the financial value created.
For Africa’s digital banking sector, the move is revealing. GoTyme is not only competing for customers; it is also competing for talent, loyalty, and execution capacity. By making employees shareholders, the bank is reinforcing a simple message: those building the next generation of digital banking should have a real stake in its success.
FNB eBucks and Pick n Pay partnership has delivered on its ambition to make banking as accessible and intuitive as everyday essentials, while turning routine spend into tangible value.
Since April last year, more than R600 million in rewards have been unlocked for customers, while banking access has been extended through 31 in-store kiosks and pop-up presence in 200+ stores every Friday.
This is providing meaningful, day-to-day support for South African households. The partnership reflects a broader shift in how South Africans are experiencing banking, as financial services and rewards increasingly become embedded into trusted retail environments to deliver real‑world value where people live, shop and manage their money.
As financial pressure on households continues to mount, FNB remains focused on meeting customers where they are financially through contextual rewards that make a difference. By integrating banking services into Pick n Pay’s physical stores and digital platforms, FNB is helping customers in places they already frequent for essential needs, enabling them to manage their money, access banking services and unlock savings seamlessly. This partnership improves access, reduces friction and delivers value in the moments that matter most to South African households.
“From the outset, this partnership was about reimagining how banking can support people in their day-to-day lives, especially at a time when many households need it most,” said Lytania Johnson, CEO of FNB. “By showing up in spaces customers already trust, we’re able to remove barriers and unlock practical value. Partnering with a like-minded organisation such as Pick n Pay allows us to translate daily spend into real rewards and savings, helping households stretch their budgets further while advancing financial inclusion in a way that is purposeful, human and scalable.”
The in-store banking Kiosks and pop-ups reaffirm how banking can seamlessly coexist within high-footfall retail environments. This proximity has driven meaningful behavioural change.
Pick n Pay stores have increasingly become an extension of FNB’s physical reach, not only as retail destinations, but as a trusted community touchpoint where access to financial services, value and support naturally intersect. The duo aims to scale this reach in the coming months.
Sean Summers, CEO of Pick n Pay, says, “Everything we do is focused on helping our customers get more value from their daily shop. This partnership with FNB and our various initiatives has been a game-changer for customer rewards, building on the strong base of Smart Shopper and boosting savings even further through eBucks. In a tough cost-of-living environment, that combination of rewards on daily essentials makes a real difference to household budgets.”
The partnership ecosystem has also enabled powerful collaborative efforts, further reinforcing value to customers through signature FNB eBucks initiatives and customer value propositions:
Qualifying FNB eBucks customers get up to 30% back in eBucks on their Pick n Pay asap! purchases and up to 20% in store.
Up to 30% back was extended to PnP Clothing purchases on asap! in March 2026.
Burger Friday has achieved 6.2 million burgers redeemed to date
The 99c Bread initiative has supported entry-level banking customers with R70 million issued in value.
PnP Vouchers to the value of over R45 million issued to our entry segment to support essential purchases of Clothing and Groceries
“The strength of this partnership lies in its ability to turn daily spend into real financial value,” said Pieter Woodhatch, CEO of eBucks. “As we continue to scale, our focus remains on deepening our impact, making eBucks rewards more relevant and more useful for customers to manage the cost of their daily living.”
“Moving forward, we aim to create an ecosystem that works harder for our customers,” Woodhatch added. “Through strong collaborations, eBucks continues to serve as a highly valuable currency with spend to earn ratio of more than 91% in a month, highlighting its relevance, accessibility and aspirational value, helping South Africans earn more from every rand spent.”
Together, FNB and Pick n Pay are shaping an inclusive, customer‑centric partnership model that embeds financial and retail services into their daily needs and expands access at scale.
The Police and Prisons Civil Rights Union (POPCRU) unequivocally rejects the reckless and unilateral attempts by the Minister of Correctional Services, Pieter Groenewald, to reintroduce rank insignia and advance the backdoor militarisation of the Department of Correctional Services (DCS) without proper consultation with organised labour.
This dangerous regression represents not only an attack on the democratic transformation of correctional services, but also a direct violation of established collective bargaining agreements and labour relations prescripts governing the public service. POPCRU places it on record that at no stage was the union consulted through recognised collective bargaining structures, despite the clear obligations imposed on the employer through signed agreements and labour legislation.
POPCRU further reminds the employer and the Ministry that, in terms of Section 16 of the Labour Relations Act (LRA), organised labour is entitled to all relevant information necessary to facilitate meaningful engagement and effective collective bargaining on matters affecting employees. The unilateral pronouncements regarding the reintroduction of rank insignia within DCS therefore constitute a direct affront not only to existing collective agreements, but also to the spirit and prescripts of the Labour Relations Act itself.
Meaningful engagement cannot occur in the absence of full disclosure, proper consultation processes, and adequate opportunity for labour to engage its membership structures. POPCRU maintains that this matter must immediately be referred back to the Departmental Bargaining Chamber for proper engagement with recognised labour representatives. Any attempt to bypass collective bargaining institutions and impose decisions through administrative directives or media announcements will only deepen tensions within the Department and further undermine labour relations stability.
Labour must be afforded sufficient opportunity to consult with its members across all levels of the Department before any policy position of this magnitude is considered for implementation. Workers cannot simply be confronted with predetermined outcomes on matters that fundamentally affect workplace identity, organisational structure, career pathing, conditions of service, and the future character of correctional services in a democratic South Africa.
Furthermore, POPCRU wishes to place on record that the issue of insignia cannot be divorced from the broader structural challenges confronting the Department, particularly the current salary structure within DCS, which remains in serious disarray and requires urgent and comprehensive overhaul. It is fundamentally irrational and irresponsible for the employer to prioritise cosmetic militaristic changes while longstanding issues relating to salary disparities, post provisioning, career progression, occupational classification, grading inconsistencies, and deteriorating conditions of service remain unresolved.
If the employer seeks to engage on matters relating to rank structures and insignia, such discussions must be intrinsically linked to a broader, transparent, and properly negotiated review of the organisational and salary architecture within DCS. Workers cannot be expected to wear ranks that are not supported by a coherent, fair, and properly negotiated remuneration and progression framework.
POPCRU therefore reiterates its demand for the immediate suspension of any unilateral implementation process and calls for the matter to be formally tabled before the Departmental Bargaining Chamber, accompanied by full disclosure of all relevant information in compliance with Section 16 of the Labour Relations Act, to enable meaningful consultation and engagement with organised labour and workers themselves.
The unilateral reintroduction of rank insignia is procedurally flawed, substantively misguided, and politically dangerous.
POPCRU has painful historical experience with this failed experiment. Around 2005, similar attempts were made to militarise the Department through the introduction of rank structures, military-style command systems, and symbols intended to impose fear and rigid authoritarianism within correctional centres. Those measures did not improve rehabilitation, security, professionalism, or governance within DCS. Instead, they deepened divisions in the workplace, created confusion regarding conditions of service, promoted authoritarian management tendencies, and undermined the democratic ethos envisioned in the post-apartheid correctional system.
The democratic transition deliberately moved away from the apartheid-era prison system precisely because prisons had become militarised instruments of repression rather than centres of rehabilitation and social reintegration. The White Paper on Corrections envisioned a correctional system grounded in human rights, rehabilitation, development, and constitutionalism — not one obsessed with cosmetic military symbolism and command structures.
Correctional officials are not soldiers. The constitutional mandate of DCS is fundamentally different from that of the military. The role of correctional officials is centred on rehabilitation, safe custody, human development, offender reintegration, and the maintenance of humane correctional environments. Attempting to impose military culture within such an environment fundamentally misunderstands the correctional mandate and risks reproducing a punitive, fear-driven institutional culture incompatible with constitutional democracy.
POPCRU is deeply concerned that this move forms part of a broader ideological project aimed at centralising authority, weakening worker participation, suppressing dissent, and creating a climate of fear within the Department under the guise of discipline and uniformity. Rank insignia do not resolve the real crises facing correctional services.
The Department today faces severe overcrowding, dangerous understaffing, deteriorating infrastructure, escalating inmate populations, widespread psychological trauma among officials, rising violence, gang activity, and deepening budgetary constraints. These are the material conditions confronting workers daily. Officials continue to work under immense pressure, often without adequate personnel, resources, equipment, or psychosocial support. The Minister cannot substitute meaningful transformation with ceremonial militaristic symbolism.
Workers do not need badges and insignia to earn dignity. They need safe working conditions, adequate staffing, fair career progression, proper training, functional infrastructure, and a government willing to invest seriously in correctional services.
POPCRU further rejects any attempt to bypass collective bargaining institutions through media pronouncements and executive directives designed to impose unilateral decisions on workers. Such conduct undermines labour peace and erodes trust within the Department.
As POPCRU, we reaffirm our long-standing position that the transformation of correctional services must remain rooted in democratic accountability, worker participation, rehabilitation, and constitutional governance — not militarisation.
We therefore demand the immediate withdrawal of any plans relating to the implementation of rank insignia and call upon the Minister to subject any proposed changes affecting workers to proper consultation processes within the relevant bargaining structures.
POPCRU remains ready to defend the rights, dignity, and democratic gains of correctional officials against any attempt to reverse transformation through authoritarian and militaristic measures.
Issued by POPCRU
For more information contact Richard Mamabolo on 066 135 4349
