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Eskom pensioners receive Covid 19-relief bonuses totalling R104m

11 August 2020 7:25 PM
Tags:
Eskom
Bruce Whitfield
the money show
Coronavirus
Eskom Pension and Provident Fund
EPPF
Covid-19 relief
Linda Mateza
Eskom pensions

The Money Show's Bruce Whitfield interviews Eskom's Linda Mateza about the once-off payment to its pensioners.

33,000 members of Eskom's pension fund have been paid out special bonuses to help cushion them against the financial strain resulting from the Covid-19 pandemic and lockdown.

The bonuses amount to a total of R104 million.

The Money Show gets more detail from Linda Mateza, Chief Executive and Principal Officer of the Eskom Pension and Provident Fund (EPPF).

Mateza concedes that while the total amount may sound impressive, the payout per person is "relatively modest".

However Eskom knows that this extra money will make a difference to the lives of its pensioners.

Especially when you consider that the average pension paid to each pensioner per month is around R8,500, so with this bonus we would be paying somewhere between R3,500 and R5,500 to those households, which I think makes a great difference.

Linda Mateza, Chief Executive and Principal Officer - Eskom Pension and Provident Fund

Mateza confirms that this is a once-off payment.

She notes that the EPPF pays an annual December bonus to members, when it's affordable. She calls this August payout "an interim bonus" which does not necessarily preclude a bonus at the end of the year.

The fund has to be cognisant of maintaining its financial sustainability into the future while also addressing present needs that our pensioners have, so we had to determine what was affordable.

Linda Mateza, Chief Executive and Principal Officer - Eskom Pension and Provident Fund

These are inter-generational savings and as much as we want to alleviate hardship for the current pensioners, we also have to be cognisant that there are pensioners still to come 20 years from now, 40 years from now, who are currently working for Eskom.

Linda Mateza, Chief Executive and Principal Officer - Eskom Pension and Provident Fund

Total assets [of the EPPF] are R148 billion at present.

Linda Mateza, Chief Executive and Principal Officer - Eskom Pension and Provident Fund

Listen to the conversation on The Money Show:


11 August 2020 7:25 PM
Tags:
Eskom
Bruce Whitfield
the money show
Coronavirus
Eskom Pension and Provident Fund
EPPF
Covid-19 relief
Linda Mateza
Eskom pensions

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