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BL Premium reports that Old Mutual has increased its minimum pay to R16,000 a month to attract and retain talented staff. The insurer said skills retention in the sector had become a challenge.
In its 2024 annual report published on Tuesday, the financial services group said a key feature of its responsible business strategy “entails our fair and responsible pay commitment.” Reinforcing its core remuneration principles of supporting competitive pay and enabling a dignified life for employees, “we have now elected to increase the minimum to R192,000 per annum for full-time, non-commission earning individuals in SA from April 1 2025.” The minimum pay applies to all permanent employees, excluding those on a commission-based remuneration structure. Old Mutual said its total guaranteed pay was market-related, informed by robust and regular remuneration benchmarking in each operating market. “It is targeted at the market median, unless there is a specific market imperative based on skills scarcity or criticality to offer guaranteed remuneration at a higher relative level,” it added. The group has also put in place an inclusive parental leave policy whereby primary caregivers are eligible for four months’ fully paid leave, while secondary caregivers are eligible for one month of paid leave. In the case of miscarriage, bereavement leave throughout the pregnancy has been extended for the birthing parent.
- Read the full original of the report in the above regard by Kabelo Khumalo at BusinessLive (subscriber access only)
Get other news reports at the SA Labour News home page