TELECOMMUNICATIONS
Cell C workers riled by bosses’ bonuses
Executive directors netted emoluments worth R219m in 2017 from R51m the prior year
Cell C employees say they are frustrated after learning that the mobile operator’s executive directors saw their pay more than quadruple in 2017. The company’s financial statements for the year ended December show that executive directors netted emoluments worth R219m in 2017, from R51m the prior year. Additionally, the value of performance and retention bonuses that accrued to all employees more than doubled to R652m. This included a "success incentive" awarded to executives who secured the operator’s recapitalisation deal with Blue Label Telecoms and Net1. A letter to chair Kuben Pillay from 391 "concerned and frustrated employees" says the pay hikes and bonuses go "directly against the values that were held in high regard ... namely the value of fairness". The employees say in a letter dated August 24: "During the bonus payout for 2017, we were advised the company could not honour payments of full bonuses and … a lesser amount was paid … We were advised this was due to tight budg...
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