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BL Premium reports that SA banks and insurers have bucked the trend and revealed their minimum pay – and according to the data provided it is much higher than the legislated minimum wage.
Nedbank last week said it had increased its minimum wage by 6.7% to R240,000 a year with effect from this month. Rival Absa hiked its minimum pay 8.7% to R250,000 – also with effect from April. Standard Bank pays a minimum salary of R258,390 for its unionised employees in SA. FirstRand, owner of FNB, RMB and WesBank, has been paying a minimum guaranteed package for banking roles of R215,000 a year from August 2024. The group also pays a minimum of R185,000 a year for nonbanking roles. Both amounts exclude performance-related variable pay, medical aid subsidy and school fee assistance for eligible employees. Investec’s last annual report shows the group’s minimum salary for employees in SA is R250,000 a year. Investec is expected to release its annual report in the coming weeks that might reveal an increase in its minimum pay for SA employees. SA insurance firms, particularly those listed on the JSE, have also begun revealing their minimum pay, with Old Mutual paying R16,000 a month, while Santam pays R15,000 a month, according to its 2023 annual report. The minimum guaranteed pay paid by banks and insurers is significantly above the legislated minimum wage in SA of R28,79 an hour, which translates to just more than R60,000 a year.
- Read the full original of the report in the above regard by Kabelo Khumalo at BusinessLive (subscriber access only)
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