Meet SA's REALLY high rollers

Nod

Nod

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South African Reserve Bank governor Tito Mboweni received a 27.5 percent pay rise this year, way above the country's three to six percent inflation target, the Reserve Bank's annual report showed.

His annual pay, including fringe benefits, stood at R3.387-million in 2007 but, with pension and medical contributions, the total package was R3.796-million.

This compared to a total R2.976-million in 2007, the report said.

The bank's two deputy governors, Xolile Guma and Renosi Mokate, received increases of 66 and 72 percent respectively, taking their total pay to R2.774-million and R2.839-million.

All of the salaries were decided by a separate remuneration committee chaired by an independent non-executive board member, on the recommendation of an external panel, the central bank said.

The Reserve Bank has been battling to bring inflation back to the target band, raising the repo lending rate by five percentage points to 12 percent since June 2006, while expressing concern about rising wage costs.

The targeted CPIX inflation hit a record 13 percent year-on-year in July and all-items consumer inflation (CPI) stood at 13.4 percent. CPI averaged 7.1 percent last year.

Despite the increase, the salary for Mboweni - who has headed up the Reserve Bank since 1999 - is still less than those enjoyed by top SA commercial bankers.

Jacko Maree, CEO of Standard Bank, earned a total of R18.63-million in 2007, including share options and a bonus, while Tom Boardman, chief executive of NedBank, earned R11.8-million.
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I don't have words :mad:
 
Well government must do something to keep skills in the government sector, if you go and check what similar individuals would earn in the private sector those salaries look more than reasonable, you might even say they are underpaid.
 
sox63 said:
Why you pissed Nod? I think they earned it, if anything, they are underpaid for the responsibility they carry. But hey they are civil servants.
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Because it would have shown some understanding from their side, to take a lesser increase until the economy has started to turn around. I didn't even get a inflation based increase because of the market that is down atm. Actually, I got half of inflation. They would have received more respect if they declined the increase, or delayed it until the economy was better. This will only send a message to the unions that above inflation increases is "ok", and that is what their members should be getting.
 
Nod said:
Because it would have shown some understanding from their side, to take a lesser increase until the economy has started to turn around. I didn't even get a inflation based increase because of the market that is down atm. Actually, I got half of inflation. They would have received more respect if they declined the increase, or delayed it until the economy was better. This will only send a message to the unions that above inflation increases is "ok", and that is what their members should be getting.
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When you look at it that way, I guess you can argue that it may have been not so PC. But at the end of the day, they are individuals whose skills are in demand, and if you gonna give those deputy govenors a 6-10% increase, then you better kiss them good bye, becuase any of the major banks would I'm sure love to have them at double what they currently earn.
 
They must have fixed the article... cos when it first came out, it had commas instead of decimal points making it look like they were talking about Billions instead of Millions! :D
 
Nod said:
Because it would have shown some understanding from their side, to take a lesser increase until the economy has started to turn around. I didn't even get a inflation based increase because of the market that is down atm. Actually, I got half of inflation. They would have received more respect if they declined the increase, or delayed it until the economy was better. This will only send a message to the unions that above inflation increases is "ok", and that is what their members should be getting.
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+1.
 
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