These figures do not include separate awards under performance-based bonuses and are over and above any other regular financial compensation awarded by the Group to employees.
The pay-outs are welcomed relief to the staff and families of Beefmaster Group employees who will be directly benefiting from the bonuses, with at least 4,000 people estimated to be impacted.
This news is significant given the economic perils faced by many South African companies as a result of the restrictive lockdown measures imposed earlier this year – from lay-offs and retrenchments to reduced salary pay-outs and business closures.
"Financially, volumes, throughput and production at our Kimberley meat processing facility have declined in recent months, which negatively impacted turnover, but we feel that, given the economic circumstances of many South Africans, it is the right thing to do to look after our staff," explains van Reenen.
Although the group was lucky enough to be classed as an essential service during the height of the lockdown, it did not escape unscathed. It experienced severe business challenges. Its beef product supply was disrupted due to the forced closure of restaurants and it suffered due to the Foot-and-Mouth Disease outbreak earlier this year.
The group has invested more than R6m on Covid-19 related matters on its employees. It has also not contemplated pay cuts or business restructuring based on operational requirements, unlike many businesses who have been affected by constrained economic conditions.
