Tito may get R4.3m during leave

Pretoria - Reserve Bank governor, Tito Mboweni, could receive his full salary from the bank for 12 months after retiring on November 9 this year.

Noluthando Orleyn, chairperson of the bank's remuneration committee, last week told a press conference following the bank's annual general meeting in Pretoria that Mboweni's home leave or "cooling-off period" could be anything from six to 12 months.

"The period has not yet been determined," she said.

"Previously it was much easier because the bank's governors left after retirement age." Mboweni is 50.

When bank deputy presidents retire, they will receive a salary for a cooling-off period of between three and six months.

Orleyn said that Mboweni would continue to receive his full salary because the bank expected him not to accept any other position during the six to 12-month period.

In the year to March 31, Mboweni's total remuneration from the bank was R4.334m. This was 14% more than in the previous year.

According to Orleyn, Mboweni's salary actually rose only 6%. The total remuneration package includes all benefits.

"His residence is provided, there is group life insurance, his pension fund, his medical fund and his vehicle allowance.

Orleyn also explains that all bank employees' children can receive full study bursaries up to doctoral level. Mboweni's son began studying last year and his bursary is therefore part of Mboweni's total package.

According to Mboweni's speech as governor at the close of the financial year, the bank had 1 930 employees.

Another amount included in Mboweni's package for the year to March is a long-service award of six weeks' salary for 10 years of service to the bank.

- Sake24