Eskom pays R18.3 million in performance bonuses

Eskom’s Integrated Report 2016 on the entity’s financial performance for the 2015/2016 financial year has revealed that Eskom bosses received R 18.3 million in performance bonuses.

This would mean that an average of R 1.6 million in the last financial year was doled-out for 11 Eskom directors and executives for keeping the lights on.

Since the initial electricity blackouts in South Africa in 2008, the National Energy Regulator (Nersa) has granted Eskom an annual average increase of 22% a year for seven years.

Further, earlier this year Eskom was granted a 9.4% electricity tariff hike to be footed by the ordinary South African consumer on top of these exorbitant bonus that should be used to provide stable electricity supply for the countless businesses and households across the country.

Eskom has claimed in the past that bonuses were awarded because the state owned entity has managed to intermittently stave off load-shedding.

“Eskom executives would do well to remember that they have one job, to keep the lights on and that is what their salaries are for.

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Since load-shedding began in 2008, Eskom executives have received over R73 million in bonuses excluding the R18.3 million revealed today.

This is an insult to hard-working and poor South Africans who continue to struggle without a stable supply of electricity and basic services,” said the Democratic Alliance in a statement.

Energy is the life blood of our economy. Without a stable supply, businesses will not be able to grow, investors will not invest, and ultimately joblessness will increase.

truewan Feb 2016