No bonuses for Eskom employees this year
Eskom executives will also be missing out on bonus payments as the utility focuses on cutting costs.
JOHANNESBURG - Eskom says it won't be paying any bonuses to its employees this year due to financial constraints.
This means that Eskom executives will also be missing out on bonus payments.
The state utility has been focusing on cutting costs to stabilise the company and recently appointed Anoj Singh as the new acting CFO to drive its R250 billion financial plan.
Eskom's Khulu Phasiwe said, "All 41,000 people within Eskom this year are not going to get any bonuses. The primary reason being we are currently engaged in R250 billion capital investment. We need to raise this money to finish the project that we currently are working on."
ESKOM ENQUIRY ENDS
Earlier this month Eskom cleared all four executives who were suspended earlier this year following an investigation into the state utility.
CEO Tshediso Matona and three others were suspended for the duration of the investigation.
Matona and two other have since parted ways with Eskom, while the remaining executive will be reinstated.
Eskom's former chairman Zola Tsotsi announced in March that Matona and three senior executives had been suspended to allow for an independent inquiry.
The former Eskom CEO challenged his suspension and approached the Labour Court, but in May he parted ways with the utility, with Eskom stressing that it was an amicable parting.
Matona said he's relieved the investigation had been concluded.
"Given the stress that this created, I'd only be happy to let that be water under the bridge."
MOLEFE'S 3 MONTHS CONTRACT EXTENSION
Molefe, who was at Transnet, was seconded to Eskom almost a month ago to take over from Matona.
Molefe has focused mainly on trying to find ways to avoid load shedding and raising funds for the state utility.
Eskom released a statement saying that after consultations with Transnet and Public Enterprises Minister Lynne Brown, it's decided to extend Molefe's contract.
This has been done to afford Molefe sufficient time to put into effect the strategies that he has already started implementing at the state utility in order to ensure its financial and operational sustainability.
Molefe is expected to stay on as acting CEO at Eskom until October unless a further extension is approved.