R15 000 is minimum salary at Old Mutual
Old Mutual Old Mutual has set the minimum salary of its employees in South Africa at R15 000 a month, or R180 000 a year, the financial services group disclosed in its 2022 remuneration report, BusinessLive reports.
“To strengthen our investments in fair pay, we have agreed to the following effective April 1, 2023: a minimum annual total guaranteed pay of R180 000 for SA-based employees (and) a policy change to ensure that employees are appointed at the minimum of the Old Mutual pay lines,” Old Mutual said.
The company said in 2022 employees in the top 5% were remunerated 12.4 times more than those employees in the bottom 5% – a decrease from the 2021 ratio of 13. “This is largely a result of higher increases being awarded at lower role sizes.”
The company’s top nine executives earned a combined R175.6 million in the 2022 financial year, including the R36.5m total remuneration paid to group chief executive Iain Williamson and the R20m paid to chief financial officer Casper Troskie. The packages comprised short- and long-term incentives.
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Apex wins bid to manage Eskom retirement fund
Global financial services firm Apex Group has won a five-year contract extension to provide fund administration and platform services to the Eskom Pension and Provident Fund (EPPF), BusinessLive reports.
The EPPF had R169 billion in assets under management at the end of June 2022.
The five-year contract effectively extends an agreement with Maitland International, the South African-founded firm that Apex bought out in January. It had been providing the EPPF with fund management and administration services for the past eight years.
Apex said it plans to use South Africa as a hub for its fund administration operations and hire about 500 people in Johannesburg alone over the next 12 months.
The EPPF manages a portion of its assets in-house using its own portfolio managers, while a significant chunk is allocated to local and international third-party fund managers.
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