Eskom cancels bonuses for 2014/2015 financial year

By Staff Writer
According to a report, Eskom will not be paying out bonuses for the 2014/2015 financial year, as the power utility did not meet its targets. Among the failed targets were the inability to save money, power stations not being brought online on time, and Eskom’s failure to provide a continuous supply of electricity.
 
When asked, Eskom told Justmoney: “Eskom can confirm it will not be paying bonuses as per the short term incentive scheme policy.”
 
The announcement follows previous criticisms of the bonuses payed out to Eskom staff, specifically those is positions of power.
 
For example, previous CEO Brian Dames, chief financial officer Paul O’Flaherty, and financial director Tsholofelo Molefe, received a total of R24.4 million in bonuses last year. The power utility also paid out R62.8 million in performance bonuses, despite the parastatal reportedly suffering financial problems and struggling to keep the lights on.
 
According to the report, Eskom had set a savings goal of R9.8 billion, which had to be met in order for staff to qualify for a bonus. Together with the failure to meet this target, the power utilities inability to maintain sufficient energy availability, and Unit 6 of Medupi not being operational by the deadline of 31 may 2015, Eskom was not able to meet the necessary targets to enable staff to receive their bonuses.

Recent Articles

Featured Should you authorize a minor on your credit card?

If you have children who need to move around independently, it may be practical to authorize them as users on your credit card. However, is this the right thing to do?

Economic devastation sees rapid rise in debt counselling

A survey conducted by DebtBusters indicates that consumers are increasingly turning to debt counselling.

How to reduce your risk of identity theft

Imagine your friend is a victim of identity fraud. We have a look at what this entails, and we find out what you can do to avoid getting into this situation yourself.

Deals

Wednesday Burger Nights at The Vineyard

Price: R190
When: Wednesdays
Where: Cape Town

Sanctuary Touch Monthly Special at Sanctuary Spa

Price: R490
When: Mondays to Sundays
Where: Cape Town

Blowdry Packages at Oayssis Hair and Beauty Bar

Price: R850 to R1800
When: Anytime
Where: Cape Town


Latest Guide

Guide to debt rehabilitation solutions