Saturday, May 30, 2020
Home Business News Companies Mumias Sugar to retrench more as board pay doubles

Mumias Sugar to retrench more as board pay doubles

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Mumias Sugar Company is set to retrench more workers although its board pay doubled to Ksh 28.4 million in 2017.

The sugar company in its latest annual report,revealed a sharp increase in payout to its board with 12.4 million being paid to its director.

The pay excludes compensation to its C.E.O Nashon Aseka whose payment was not disclosed.

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Only a few of the company’s eight directors had served for two full years ending June 2017,with others retired,resigned or joined underway.

Although there has been a increase in directors pay,Mumias Sugar has cut cost by laying off part of its staff.

Mumias Sugar disclosure of payment shows that its directors are the highest paid among other state owned firms.

The chairman of the sugar company earns a fee of ksh 600,000 yearly and a monthly allowance of ksh 500,000.His sitting allowance is Ksh 78,571 for each meeting and claims a millage of ksh ksh 92 per kilometer.

Other directors of the company can claim a millage of ksh 92 per kilometer,earn a fee of Ksh 500,000 and an allowance of Ksh 57,143 per meeting.

Slavian Mwangecho
Passionate blogger on a day to day activities happening in Kenya, Africa and around the world. A keen follower of the latest news making headlines around the world

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