Bosses score as job cuts loom
Telkom, which is fighting unions over a plan to cut jobs, more than doubled its salary bill for executive directors in the 2015 fiscal year. Total compensation for CEO Sipho Maseko rose by 5.1% to R12.3-million; former chief financial officer Jacques Schindehutte received R18.8-million, compared with R6-million a year earlier; and his replacement was paid R8.7-million, according to Telkom's annual report for the year that ended on March 31.Total pay for the three was R39.8-million compared with R17.7-million for executive directors in fiscal 2014."Given the massive retrenchment process at Telkom, we are aggrieved that it has squandered so much money that could have been used to keep experts in its employ," Marius Croucamp, a spokesman for the Solidarity union, said yesterday.Telkom wants to cut about 4400 jobs, or more than 20% of its workforce, through voluntary severance and early retirement.On July 8, following a dispute with unions, a labour court ordered Telkom to retract its restructuring proposals and reach a settlement with the workers' groups before proceeding with its plan. ..
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