R104m paid out by Eskom pension fund

Business

Ntombekhaya Zibi

Eskom pension fund has paid out R104.3m in special bonuses as part of a Covid-19 relief effort.

Members of the Eskom Pension and Provident Fund received from above R3,500 to  R5,425, depending on each household income, at the beginning of August. Lower-income households received more.

The fund CEO and principal officer Linda Mateza said after much deliberation and with advice from the fund actuary, the board of trustees took a decision to grant their pensioners a one-off special bonus to the value of 50% of the bonus paid to pensioners in 2019.

“The fund has considered that the current crisis may have resulted in the reduction of disposable income in many Eskom Pension and Provident Fund pensioner households, perhaps due to a loss of livelihood of a household member, or increased cost of food and health-care items,” Mateza added.

The pension fund has more than 33,000 pensioners comprising former Eskom employees and their widows who receive a monthly pension from the Fund.

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