Guiding consumers since 2009

Eskom changes stance on 'bonus' pay

By Staff Writer
According to a report, Eskom has done an about-turn with regards to previous statements that staff would not be receiving any bonuses this year due to performance targets not being met. While staff may not be receiving a formal bonus, Eskom has confirmed to Justmoney that it will be making ex gratia payments to certain staff members.
 
Khulu Phasiwe, a spokesperson for Eskom, said: “Eskom is not paying any performance bonuses this year. As you have correctly noted, performance bonuses are only paid when the employees have met and /or exceeded their performance targets. In this instance, Eskom staff collectively did not meet some of their set targets, which included, among others achieving a cost reduction of R9.8 billion. We achieved a cost saving of about R8 billion in the 2014/15 financial year. 
 
“What the Board and the executive management committee have decided to do though, is an ex gratia payment to employees that fall within the bargaining unit and the middle management stratum. They will receive an ex gratia payment equal to six percent of their annual salary.”
 
Phasiwe stressed: “Eskom executives and senior managers are not included in this arrangement, and would therefore not be receiving the ex gratia payment.”
 
The qualifying criteria
 
According to Phasiwe, the only people who are eligible to receive the ex gratia payment are those who were in Eskom’s service for at least six months for Eskom’s 2014/2015 financial year, for the period 1 April 2014 to 31 March 2015.
 
“Employees with less than six months qualifying service in the previous year and those who joined Eskom after 31 March 2015 are not eligible for the ex gratia payment. [Also,] individuals who have left Eskom service/resigned as from the 31st March 2015 are not eligible for the ex gratia payment,” said Phasiwe.

Recent Articles

Featured These factors will fluctuate your car insurance excess

When you take out car insurance, your monthly premium is a given. However, you may also need to pay an excess amount if you claim from your policy. But which factors may increase your excess, and how can you bring it down?

Is income protection available to everyone?

If you’re involved in an accident and you’re unable to continue working, how will you ensure that your bills are paid? One way to prepare for this is to take out income protection cover. However, can you do this if you’re a freelancer?

Aligning your financial goals in a relationship

When two people enter into a partnership through dating, marriage, co-habiting, etc, usually theres an enormous amount of effort spent on finding commonalities. However, this process often neglects the financial status and long term goals of each member.

How will your personal information be protected by your insurers?

POPI forces industries to reconsider how they handle client’s personal details. This is particularly good news for sensitive products, such as insurance.  We find out what POPI is all about, and we see how your information will be protected.

Deals

Bakwena Day Spa Black Friday Vouchers

Price: From R549
When: Until 27 November 2020
Where: Broederstroom, Centurion, Kuils River

One & Only Hotel Complimentary Nights

Price: Available on request
When: Until 17 December 2020
Where: Cape Town

Spur’s Unreal Breakfast Special

Price: R39.90
When: Daily
Where: Nationwide


Latest Guide

Guide to debt rehabilitation solutions