PG&E Cancels $130 Million In Bonuses For Employees Amid Costly Fires
SACRAMENTO (CBS13) — PG&E announced they have canceled $130 million in bonus money to thousands of their employees Friday.
Officials said they could not justify the payments when fire victims are facing "significantly greater" hardships.
The bonus plan was highly criticized after the utility filed for bankruptcy last month. PG&E anticipates an estimated $30 billion in potential liabilities owed to fire victims.
READ ALSO: What Does PG&E Filing For Bankruptcy Mean For Its 16 Million Customers And Camp Fire Victims?
The interim CEO said he does not take the hardship lightly.
The utility, which is worth $71 billion, is trying to protect itself from as much as $60 billion in lawsuits from the Nov. 8 Camp Fire in Butte County which killed 86 people and destroyed nearly 15,000 homes by filing for bankruptcy.
Investigators are investigating whether a PG&E transmission line sparked the blaze in the Camp Fire.
