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Bonuses for Transnet pensioners
AN extra R177-million in ad hoc bonuses will divided up in November to Transnet pensioners, who are members of the company’s pensioner-only funds.
Transnet’s board of directors approved the payments to members of the Transnet Second Defined Benefit Fund (TSDBF) and the Transnet sub-fund of the Transport Pension Fund (TTPF) on Wednesday, 23 October.
Each beneficiary will collect a bonus payment of 8.33% of their annual pension, equivalent to a 13th cheque from their respective fund. Both funds also paid members a 13th cheque during the first half of the calendar year as well.
These payments continue to supplement the current statutory increase of the beneficiaries. They are also intended to ensure that pensioners’ incomes track inflation.
– erinh@dbn.caxton.co.za
While we appreciate the bonus I feel its rather unfare that some get three bonus payment while others 2 pmts afterall my late husband worked for 25 yrs for the railways and was paid accordingly to his job description and pension pmts are paid according to the years paid into the fund as well as the contribution amount made, therefore I find it very unfair that some receive more payment payouts per year.
I agree with nhvisser. We appreciate the bonus but it is sad that my late husband worked for the railways for 43 years not to receive three bonus payouts like some. 43 years service should not be swept under the carpet. Loyalty like that should be awarded.
my father worked for the railways and harbours from 17 years old until his retirement at 60. the deplorable way that this company has treated its pensioners will go down in infamy. no private company would ever have been allowed to plunder its pension fund to this extent and not be prosecuted. this little comes to late, how many elderly pensioners have already died in the most dire poverty after having worked for transnet and it predecessor their whole lives.