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BusinessDay reports that FirstRand has hiked the minimum pay for its SA employees as competition for talent heats up in financial services. This has been amplified by public minimum pay disclosures by the main companies in the sector.
The banking group indicated in its 2025 annual report: “In response to market forces, Remco (remuneration committee) approved above-average adjustments to the group’s banking role minimum salaries in order to remain competitive in attracting and retaining skills at this level. The banking role minimum pay was increased by 20.9% from R215,000 per annum to R260,000 per annum.”
Nedbank earlier this year increased its minimum wage by 6.7% to R240,000 a year with effect from this month. Also with effect from April, rival Absa hiked its minimum pay 8.7% to R250,000. Standard Bank pays a minimum salary of R258,390 for its unionised employees in SA, while Investec’s last annual report shows that that group’s minimum salary for employees in SA is R250,000 a year. Investec is expected to release its annual report in the coming weeks, which might reveal an increase in its minimum pay for SA employees.
Meanwhile, many companies have held back publishing their pay gap analysis until the relevant amendments to the Companies Act are promulgated.
- Read the full original of the report in the above regard by Kabelo Khumalo at BusinessDay (subscriber access only)
Get other news reports at the SA LabourNews home page