Today's Labour News

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OldMutualBL Premium reports that Old Mutual chair Trevor Manuel has hailed the move by the group to set its minimum wage at R180,000 a year as one of the highlights of its 2023 financial year.

“One of our 2023 transformation highlights was increasing the minimum salary of our employees in SA to R180,000 per year (namely R15,000 a month). This makes me very proud, especially because we are among the first companies in the financial services sector to take a decisive step towards narrowing the wage gap and one of the first to provide voluntary disclosure in our remuneration report.” Group CEO Iain Williamson said the minimum annual salary of R180,000 took effect in April 2023 and “the policy was changed to ensure that SA-based employees are appointed at this new minimum pay line”. Santam, SA’s largest short-term insurer, joined Old Mutual in setting its minimum wage at R15,000 a month, putting pressure on other financial services companies to reconsider their minimum wage. The company, majority owned by insurance group Sanlam, said in its annual report released in March that the minimum wage had increased to R180,000 annually by September 2023. Old Mutual also introduced an “inclusive parental leave policy”. From the beginning of 2023, employees qualified for a minimum of four months of fully paid parental leave across the group. The policy’s highlights include updated definitions of parents and co-parents to that of primary and secondary caregivers and fully paid parental leave across the group.

  • Read the full original of the report in the above regard by Kabelo Khumalo at BusinessLive (subscriber access only)

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