Photo by: Duane Daws
About 67 000 retired Transnet employees and beneficiaries would be paid an ad hoc bonus equalling 8.33% of their yearly individual benefit by the end of April.
Transnet on Tuesday said it approved R178-million to distribute among members of the Transnet Second Defined Benefit Fund (TSDBF) and the Transnet sub-fund, Transport Pension Fund (TTPF).
This brought the total ad hoc bonuses paid to pensioners to R356-million since November last year and to R2.5-billion – including R142-million and R1.9-billion from TTPF and TSDBF respectively – since 2007.
Another R448-million in ex gratia bonus payments had been paid out by Transnet since June 2007 to qualifying beneficiaries, with widows of former black employees and those with long service and, therefore, no other income, prioritised, Transnet said in a statement.
“These payments have ensured that our pensioners’ income tracks the rising cost of living by supplementing the guaranteed statutory yearly increases of 2%,” the company pointed out.