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Old Mutual's exco takes salary cuts to donate to Solidarity Fund

Added to its exco taking salary cuts from this month, Old Mutual is also making R4 billion worth of cover available to over 400,000 healthcare workers.

Picture: Old Mutual.

CAPE TOWN – Old Mutual is set to donate its executives' salary cuts to the Solidarity Fund.

The Old Mutual Exco has agreed to take salary cuts from this month, as the interim chief executive officer Iain Williamson said on Wednesday.

"Salary reduction would be equivalent to the inflationary increases we received at the end of 2019 and we've agreed with Old Mutual that they wouldn't put that money into corporate savings. It would be donated straight to the Solidarity Fund, on a monthly basis."

The company is also making R4 billion worth of cover available to over 400,000 healthcare workers.

"It's basically an amount of R10,000 per person available for the rest of the year, in the event that any of the healthcare workers should pass away for whatever reason."

To support other vulnerable groups, Old Mutual has pledged R50 million towards food security and education relief operations.

WATCH: COVID-19 situation desk - 8 April 2020 AM

For official information about COVID-19 from the Department of Health, please click here.