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TMG Digital writes that with Brian Molefe’s reinstatement as Eskom CEO set to be rescinded, he faces losing his R8 million a year salary, but nonetheless he qualifies for a pension payout after his brief stint as a member of parliament.
After having spent a total of three months as an MP‚ Molefe is eligible for R40‚000 – or more - in pension money from the Political Office Bearers Pension Fund. This amount is an estimate calculated using publicly available information of MPs' salaries and the percentages they and their employer‚ Parliament‚ contribute monthly. Molefe started work as an MP in mid-February and served in Parliament for the full duration of March and April‚ before returning to Eskom on 15 May. Total member and employer contributions to the pension fund roughly equated to R13‚000 a month. Excluding interest accrued by the fund from investments, which is calculated monthly‚ Molefe is due approximately R40‚000 (possibly more)‚ which can be withdraw or not‚ or moved over to a private pension fund.
- Read this report by Kyle Cowan and Ernest Mabuza in full at BusinessLive
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