Tito Mboweni’s raise causes a stir

By Sasha Forbes
05 September 2008

Members of the public and economists have voiced their opinions over the 28 percent pay increase given to Reserve Bank Governor Tito Mboweni. The increase will bring Mboweni’s pay package to three-million-seven-hundred-and-ninty-six-rand.

Business Day reports that compare to the previous three years, when Mboweni’s pay rise was set below the upper limit of inflation target, partly at his insistence to set an example for rest of the country.

Bank directors say that Mboweni’s salary, which included pension an medical aid, reflects structural adjustments after an independent review of executive pay.

FEDUSA has come out sronly against the pay rise. General Secretary Dennis George says that “FEDUSA strongly wants to condemn the Governor of the Reserve Bank increase of 28 percent as the governor has gone around preaching to everyone to tighten their and workers must moderate wage demands, only to find that the Governor has gone a year before his contract is to come an end has put a 28 percent increase on his pay.”