BusinessLive reports that retail giant Mr Price Group has refined its remuneration structure to align with industry best practices.

In its 2024 annual report released on Friday, the group announced a phased transition from a basic salary plus benefits model to a total cost-to-company remuneration framework, a shift aimed at assuring flexibility and transparency in remuneration management. The transition, which began in October 2023, is structured in phases to ensure smooth implementation and to mitigate any potential change frustration among employees. “As part of phase one, the group has restructured its retirement fund contributions. The employer now solely contributes 7.5% to the retirement fund, with the mandatory employee contributions being eliminated. Employees were given the option to make additional voluntary contributions based on their personal financial goals,” the company indicated. “In the second phase, the employer’s contributions to medical aid and gap cover were converted to cash and added to employees’ basic salaries to allow them to choose their preferred level of medical cover, either through the group’s current schemes or by opting for alternative plans.” The group said further changes are due for the 2025 financial year. CEO Mark Blair saw an increase in his total remuneration for the year ended March 2024 to R45.9m from the previous year’s R10.7m. This spike was primarily driven by a long-term incentive increase of R27.1m and a short-term incentive of R9.6m.

• Read the full original of the report in the above regard by Nompilo Goba at BusinessLive

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