Transnet to pay R177m in pension fund bonuses
Transnet has approved the payment of R177-million in ad hoc bonuses to members of the Transnet Second Defined Benefit Fund and the sub-fund of the Transnet Transport Pension Fund, adding to the R1.87-billion in bonus payments paid out since 2007.
Each member, or beneficiary, will receive a bonus payment of 8.33% of their annual pension – an equivalent of a thirteenth cheque – from their respective fund.
CEO Brian Molefe said in a statement on Wednesday that the fact that the two closed funds – neither of which had active members – could afford to cover these commitments was an indication of the strides that the group, together with the funds, had taken in restoring and maintaining their financial health.
The bonus payments would be the second of the year, after both funds paid their members or beneficiaries the equivalent of a thirteenth cheque during the first half of the calendar year.
“In effect, our retired colleagues have received two thirteenth cheques this year,” Molefe stated.
In addition, for some pensioners, this would be their third payment, following an additional ex gratia payment of R70-million in September, which targeted pensioners with low pensions despite having long service.
“This takes the total ex gratia payments by Transnet to its most disadvantaged pensioners to R448-million since 2007. These payments continue to supplement the current statutory increase of the beneficiaries,” said Molefe, who added that these were also intended to ensure that the pensioners’ income tracked inflation
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Design, Construction and Maintenance of Site Erected, Welded Bulk Storage Tanks for the Petrochemical, LNG, Ammonia and Sustainable fuel Sectors.
VISIT SHOWROOM
We at Hawk High Pressure Pumps specialise in industrial pumps and pumping systems. Our high pressure washing equipment is locally manufactured and...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
