33,000 Eskom pensioners just got Covid-19 bonuses worth R104 million

Eskom pensioners just got Covid-19 bonuses worth R104 million

Some 33,000 members of the Eskom Pension and Provident Fund have received special coronavirus payouts in the form of a once-off bonus worth a little over R104 million in total.

It hopes the extra money will "help alleviate the financial distress caused by the Covid-19 pandemic and the economic impact of the national lockdown," said the fund in a statement.

Households received between R3,500 and R5,425 each, under a formula that provides bigger payouts for lower-income households.

The EPPF is a defined benefit fund, which evaluates its investment performance every year to determine the level of increase in monthly payouts – and the size of a regular December bonus to all members. The Covid-19 payout was set to 50% of the bonuses paid out in December 2019.

 

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