R550,000 for every Eskom employee

Eskom is paying its more than 46,000 employees an average salary of in excess of half a million rand each.

This is despite announcing on Tuesday (11 August), that annual profits declined by as much as 50%.

The power utility said that net profit after tax for the year ended March 2015, was R3.6 billion – down from a 2014 total of R7.1 billion.

Revenue for the year improved to R147.7 billion, from R138.3 billion in 2014,.

Employee costs amounted to R25.912 billion in 2015, from R25.62 billion in the prior year, with salaries for 46,490 employees up to R18.68 billion, from R17.37 billion.

This means that Eskom paid staff an average of R557,367 in the 2015 financial year, as a total package, with an average base salary alone of R401,828.

The total number includes all payments, including medical and post-employment benefits, leave, bonuses, pension bonuses and direct costs to the company.

Staff were paid a further R1.68 billion in overtime for the year, and R1.38 billion in bonuses.

Eskom paid its top executives a total of R49.2 million in the 2015 financial year, down from R62.6 million in 2014.

The total was also down from R57.4 million in 2013.

It should be pointed out that former chief executive Brian Dames, who left the utility at the end of March 2014, took home a pay package of R15.4 million in 2014.

Two subsequent CEOs, Tshediso Matona and Brian Molefe, shared nearly R8 million in total, including a salary of R3 million for Matona, and R3.8 million for Molefe.

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R550,000 for every Eskom employee