Over 33,000 members of the Eskom Pension and Provident Fund have received special coronavirus payouts.
This payouts is in the form of a once-off bonus worth a little over R104 million in total.
According to a statement by the fund, the purpose of the money is to “help alleviate the financial distress caused by the Covid-19 pandemic and the economic impact of the national lockdown.”
Each households are to receive between R3,500 and R5,425, under a formula that provides bigger payouts for lower-income households.
The Covid-19 payout covered about 50% of the bonuses paid out in December 2019.
The fund’s board warned that “the level of bonuses payable this year has resulted from special considerations and is not likely to be repeated in future.”
The coronavirus payouts would not jeopardize the company’s stability as special needs have been considered.
“The EPPF has considered that the current crisis may have resulted in the reduction of disposable income in many pensioner households, perhaps due to a loss of livelihood of a household member, or cost increases of food items and additional expenses brought about by the national lockdown,” it told members.
