Sarb governor‚ board forgo salary hikes

2012-12-12 09:53

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.


  • john.turner.58760608 - 2012-12-12 10:02

    Pity showerhead doesn't take his own advise, but then with the ANC honchos is a case of do what I say not do what I do. - 2012-12-12 13:22

      If you earns millions anyway, a feeble 5 or 8% more does not really matter anyway .... so yes admirable but NOT such a heroic deed as Alicia makes it out to be!! - 2012-12-12 13:33

      For interest sake Gill Marcus earns R4.8m per annum.... no wonder its so easy ... I would have been REALLY impressed if she took a PAY CUT of 30%

      alan.jerrold - 2012-12-12 16:56

      A good move, but I think I would be happy with earning 'just' R4.8 million a year and could afford to be magnanimous too.

  • chris.gill.9849 - 2012-12-12 10:18

    Nice work Gill Marcus, hope the rest of the execs follow your lead.

  • compos.mentis.58 - 2012-12-12 10:20

    Easy to do when you are earning a Million or two a year.

      LoplopBirdSuperior - 2012-12-12 10:27

      Just what I was thinking.

      rupesh.hari.7 - 2012-12-12 10:51

      still a nice thing to do. Imagine 5% on her salary is far bigger than 5% on most of our salaries put together.

  • konstabel.koekemoer - 2012-12-12 10:21

    Well done to the SARB! Now what about Zuma? I've not seen announcements about him or any of his ministers forgoing salary increases?

  • rayaan.williams.9 - 2012-12-12 10:25

    Well done Gill Marcus. Hope the rest of the government follows your good example.

  • lee.brand.73 - 2012-12-12 10:30

    You okes are probably overpaid anyway, but well done - its a start and maybe an example for others to follow.

  • nico.maponya - 2012-12-12 10:34

    When you have money you don't mind giving,same applies here...they don't mind having no increase because they are loaded BUT Zuma already got his increase.

  • ngwana.wasion - 2012-12-12 10:37

    The proposer[the president] did he do likewise??? A leader leads by an example. That's what they taught me at school.

  • afrikeni - 2012-12-12 10:43

    What do they need salaries for anyway, these overpaid civil "servants". Housing, transport, utilities etc is cared for by government so what do they use their salaries for, given these are the stuff that takes at least 70% of common salary earner.

  • luviwe.jay - 2012-12-12 10:52

    Publicity stunt. In any event they are all earning millions.

  • charl.g.brink - 2012-12-12 10:57

    What about her bonus? Has that increased to make up for the shortfall?

  • Judy - 2012-12-12 11:24

    So where is the freeze on Government increases.????

  • charles.a.dutoit - 2012-12-12 11:26

    OMG there is just no pleasing some people. If Jill (probably) gets paid more than me its because her job is more important than mine. Geez

  • charles.a.dutoit - 2012-12-12 11:26


  • Justin - 2012-12-12 11:29

    Instead of those criticizing, people should say well done at least they are doing something!! I don't see the likes of maria, jacko and other business EXEC, taking cuts to their share options, bonuses etc, while they still retrench and bumble around. The only EXECS ever to do this were EXCO of Nandos some years back. Showerhead should take the lead, and Pravin should also start trimming down the ministerial and MEC handbook properly! Drive Hyundais and Toyotas not Mercs. Also, many of Fat and overweight(if you watch on TV) MPs could go on a diet and save on the government fuel bill as well

  • andrew.crawford.50 - 2012-12-12 11:36

    Bank governor Gill Marcus's remuneration and fringe benefits amounted to R4.8m for the financial year‚ while her deputy Daniel Mminele's amounted to R3.6m in the same period. Lesetja Kganyago‚ who was appointed deputy governor on May 16 last year‚ received a remuneration and total recurring fringe benefits package of R3.1m. The bank's annual report also showed that non-executive directors' remuneration for services amounted to R3.1m in the period from R3.6m the previous financial year.

  • lenox.ntlantsana - 2012-12-12 11:40

    Starting with the Cabinet Ministers neh! Viva Mr President Viva! As if its gonna be possible! Let's do that's before the Mangaung drinking Spree! LNN

  • themba.thwala.775 - 2012-12-12 15:07

    The dancing and giggling idiot goes on a spending spree of over R250m of taxpayers' money, takes a salary hike and tells everyone else not to! Classic!

  • mstrato1 - 2012-12-12 15:08

    Don't understand why the SARB felt it necessary to let us in on this decision. Its either you let us know of all the relevant issues we would like to know or you don't. Stop giving us crumbs. How about you disclose your financial results to us?

  • Aslangod - 2012-12-12 15:19

    That exactly right! Lead by example! Zuma, are you watching and learning?

  • sipho.zuma.796 - 2012-12-12 20:52

    Yet the government has employee far too many people and pays them way too much.

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