MINIMUM PAY
FirstRand has lifted its minimum annual salary for South African employees from R215,000 to R260,000 - a 20.9% increase (equivalent to R21,666 per month) - setting a new benchmark in the banking sector’s growing pay race.
The move surpasses similar hikes by Nedbank, Absa, and Standard Bank, reflecting fierce competition for skilled professionals during widespread talent shortages.
Beyond boosting entry-level wages, FirstRand also disclosed its internal pay gap, highlighting growing transparency across major banks ahead of new legal disclosure requirements.
For FirstRand, encompassing FNB, RMB, and WesBank, this strategic escalation not only secures frontline talent but fortifies its dominance as one of Africa’s most valuable banking group, with a market capitalisation exceeding R400-billion.
Full story - https://t.co/zvaxGrr1ZZ
Pictured - Mary Vilakazi, FirstRand CEO
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