Staff were paid a further R1.6 billion in overtime for the year, and R2.4 billion in bonuses.<\/p>\n
![\"Eskom](\"http:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2014\/08\/Eskom-salaries.png\")
<\/a>Eskom salaries<\/p><\/div>\n
According to documents handed to the National Energy Regulator of South Africa, the reason for the high wage bill was due to new power stations needing more employees, along with a need to get more skilled workers and to retain them.<\/p>\n
Top executives at the company took home a total of R60 million in the 2014 financial year, up from R57.4 million the year before.<\/p>\n
Former chief executive Brian Dames, who left the utility at the end of March 2014, took home a pay package of R15.4 million \u2013 the highest salary paid by the company in more than a decade.<\/p>\n
Ongoing financial troubles<\/h3>\n
In June, Eskom reported a net profit of R7.1 billion for the year ended March 2014, up from R5.2 billion in the previous year.<\/p>\n
However, earnings were significantly less than the R12.2 billion reported for the six months ended 30 September 2013.<\/p>\n
According to the group, the increase in revenue was offset by escalating primary energy costs, especially on open-cycle gas turbines (OCGTs), and an increase in maintenance costs.<\/p>\n
Eskom has long been facing massive financial challenges, which have, over the years, been pushed through to consumers through increased tariffs.<\/p>\n
Co-operative Governance Minister Pravin Gordhan reported that municipalities around the country owed the group R10.8 billion at the end of June – and according to Public Enterprises Minister Lynne Brown, the group needs to find R250 billion in funding or it could get cut to junk credit status.<\/p>\n
According to Reuters, Eskom is in talks with a number of banks for a secured syndicated loan of up to $1 billion.<\/p>\n
Nersa recently approved the regulatory clearing account (RCA) for Eskom, allowing it to recover R7.8 billion in revenue \u2013 a measure which could see electricity prices climb by as much as 14% in 2015.<\/p>\n
Eskom initially sought approval to recover R18.3 billion.<\/p>\n
In its 2014 financial year, the group supplied 217,903 gigawatts of electricity to 800 municipalities, 3,000 industrial customers, 1,000 mining customers, 50,000 commercial customers and 84,000 agricultural customers.<\/p>\n
Eskom supplies electricity to over 5.1 million residential customers.<\/p>\n
More on Eskom<\/h3>\n
Eskom executives\u2019 pay tops R60 million<\/a><\/strong><\/p>\n Eskom finally gets a new CEO<\/a><\/strong><\/p>\n