Private banking and wealth management group Investec has set minimum pay for its South African employees at R21,000 a month.
In their annual report the company said: “We increased our minimum salary for employee in SA to R250,000 per annum, with effect from June 1, 2024.”
However, the rise in minimum pay for the company’s lowest earners does close the gap between the top 5% best paid SA employees and the bottom 5%.
Fani Titi, group CEO, Investec was paid £5.2 million (R188.87 million) for the 2023/2024 year, down from the £7.5 million (R171.47 million) he received in the previous year, while Nishlan Samujh, CFO of the group was paid £3 million (R68.58 million), lower then the £4.5 million (R102.88 million) he was paid the year prior.
This drop in pay was due to 44.6% decrease in long-term incentives for both Samujh and Titi in the year.
According to the report, changes in the group’s remuneration policy will see a drop in the fixed pay for Titi from £1 million (R22.85 million) to £750,000 (R17.14 million). The maximum fixed salaries for other executive directors will also drop from £869,500 (R19.88 million) a year to £600,000 (R13.71 million) a year.
The company also reported that the mean hourly gender pay gap dropped from 28.3% in 2023 to 27.3% in 2024, while the median hourly gender pay gap decreased from 23% in 2023 to 22.6% in 2024.
The report from the Anglo-SA group showed that for SA business, gender bonus pay decreased from 72.6% in 2023 to 64.9% in 2024. The median bonus gap dropped from 18.9% in 2023 to 7.6% in 2024.
IOL Business