SABC boss got R877,000 bonus for “hard work”

Sabc Boss Got R877000 Bonus For Hard Work

SABC Acting CEO, Noma Philiso, received R877,000 bonus rand for the year ending March 2016.According to City Press Philiso’s total package for the year was 3.3 million rupees, including the bonus.The report stated that the SABC stated that it had earned the bonus through “hard work”.

The payment follows the loss of R977 million after tax for the fiscal year 2016/17.

SABC spokesman Kaizer Kganyago told City Press that Philiso was making money while running the broadcaster’s business operations unit.

Recommended Post: Amazon still has no idea why Google pulled Youtube from the Echo Show

This brought him to benefit from an incentive system for employees who achieve the annual goals.

Huge Bonus

DA spokesman Phumzile van Damme asked the broadcaster in parliament how he could pay a premium or commission of nearly R1 million while the company was making huge losses .

SABC CFO Thabile Dlamini said the incentive system is available to 300 employees, who have annual targets set for them.

If targets are met, a specific formula is used to calculate “outperformance to pay”.

The Philiso bonus was an overlap in the 2014/15 fiscal year, which “was a good year in terms of performance for commercial companies,” the report said.

The latest financial report from the SABC indicates that its net loss for the year ending March 2017 has more than doubled from 412 million rand in 2016.

Revenues have also declined, from 8.1 billion rand in 2016 to 7.6 billion rand.

Read now: The government has identified potential buyers – Telkom

Leave a Reply

Your email address will not be published. Required fields are marked *

Show Buttons
Hide Buttons
Please wait...

Subscribe to our newsletter

Want to be notified when our article is published? Enter your email address and name below to be the first to know.