JOHANNESBURG - South African Reserve Bank (SARB) Governor Gill Marcus, deputy governors and all board members on Wednesday unanimously decided to forgo salary increases for 2013.
This is in response to a call by President Jacob Zuma to freeze salary increases.
“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 central bank said in a statement.
In October, Zuma called on all CEOs and executive directors in the private and public sectors to agree to a freeze on hikes in salaries and bonuses over 12 months.
The president made the plea after violent labour protests began erupting through the mining sector in August, saying it would be a “signal of a commitment to guide an equitable economy”.
The decision does not apply to the SARB staff and general management.