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 What are the benefits of living in a “Zoom Town”?

With many careers moving online, work-from-home employees have realised they can live in smaller suburbs or towns at a lower cost and enjoy the benefits of a slower lifestyle, while keeping their jobs.

You can’t cash cheques anymore in South Africa – we find out why

In November 2020, the South African Reserve Bank (SARB) announced that cheques would be discontinued from 1 January 2021. But what guided this decision? We have a look at what the pitfalls have been of using cheques, and the consequences of removing them from the payment system.

The perks of investing in student accommodation

With the constant influx of new students entering tertiary institutions, there’s usually a steady demand for student accommodation. As an investor who’s interested in the property market, should you consider student accommodation?

Are you financially secure enough to buy your first home?

When you buy your first home, you need to make sure you’re in a secure financial position so that you can stay afloat in spite of your increased financial responsibility. But are you aware of all the costs you’ll have to carry?

Deals

Rouge Day Spa Tuesday Special

Price: Available on request
When: Tuesdays
Where: Cape Town

Monte Vista Two Nights Special

Price: Available on request
When: Until 31 December 2021
Where: Montagu

Century City Hotel 4 Nights Special

Price: From R1100
When: Until 31 January 2021
Where: Cape Town


Latest Guide

Guide to debt rehabilitation solutions