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Sarb governor‚ board forgo salary hikes

Dec 12 2012 09:53 I-Net Bridge

Reserve Bank governor Gill Marcus. Photo: Brendan Croft

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Johannesburg - In response to the prevailing economic climate locally and globally‚ the governor and deputy governors of the SA Reserve Bank (Sarb)‚ together with all board members‚ unanimously decided at the board meeting of 30 November‚ to forgo salary and fee increases for non-executive and executive directors in 2013‚ the central bank said in a statement. 

“This is in support of President Zuma’s call to CEOs and executive directors in the private and public sectors‚ to agree to a freeze on increases in salaries and bonuses over the next 12 months‚” the bank noted. 

This decision does not apply to the Sarb staff and general management.

Zuma reportedly called on all CEOs and executive directors in the public sector and senior executives in the public sector to agree to a freeze on increases in salaries and bonuses over the next 12 months.

 

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