BusinessLive reports that private banking and wealth management group Investec has set minimum pay for its SA employees at just under R21,000 a month.
Investec is listed in London and Johannesburg and has become the latest company in the financial services sector to disclose its minimum pay. “We increased our minimum salary for employees in SA to R250,000 per annum, with effect from 1 June 2023,” the company advised in its annual report released on Friday. The increase in minimum pay for the group’s lowest earners does little to close the gap between the top 5% best-paid SA employees and the bottom 5%. CEO Fani Titi was paid £5.2m (R120m) in the year under review, down from the £7.5m in the prior year. Investec CFO Nishlan Samujh’s total pay came in at £3m, down from the £4.2m he was paid in the prior year. The decrease in Titi’s and Samujh’s total pay for the year was due to a 44.6% drop in long-term incentives in the period for both men. The lender’s chair, Philip Hourquebie, was paid £471,901 (R10.9m) in the period. At the SA business, the mean hourly pay gap reduced from 28.3% to 27.3%, while the median hourly gap dropped from 23% to 22.6%. The group is also trying to close the gap in its gender pay, which reduced from a mean figure of 72.6% to 64.9%, while the median rate reduced from 18.9% to 7.6%. “We are confident that all our employees are paid fairly and equitably based on their role, skills and experience, and this is central to our reward philosophy,” the company said. As at 31 March 2024, 50% of top management at Investec within SA were people of colour.
- Read the full original of the report in the above regard by Kabelo Khumalo at BusinessLive
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