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Business Report writes that Woolworths Holdings has hiked the hourly rate for its SA employees above the retail sector and the country’s minimum wage.
In the remuneration report in the retailer’s 2022 integrated annual report released on Friday, the company said from 1 April its hourly rate had been R36.55, namely 21% above the retail sector minimum wage and 57.6% above the SA minimum wage. “A further adjustment as per our normal salary review cycle is effective in October 2022,” the fashion and grocery retailer indicated. Last year Woolworths committed to invest an additional R120 million over three years, to adjust Woolworths SA’s hourly base pay from R33.40 to R41.25 in 2023, which will amount to a 23.5% increase. “We commenced with the concept of a ‘just wage’ in 2019, a wage which would recognise the critical need to address the disposable income of our store staff and to reduce the remuneration gap in the context of the socio-economic environment in South Africa. One of the intents of the ‘just wage’ is to deliberately move away from the minimum wage legislative requirements to providing a living wage to our more than 20 000 store staff,” the group said. Pay increases are effective on 1 October each year. Woolworths advised that the group CEO Roy Bagattini and executive directors received a 4.16% pay increase. Senior executives and management in SA got a 4.4% pay hike. The staff in SA received a 5.4% wage increase.
- Read the full original of the report in the above regard by Dieketseng Maleke at Business Report
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