As South Africans sink deeper into poverty, it is not enough for banking executives to sit comfortably atop their ivory towers. The obscene levels of executive pay amidst widespread poverty and unemployment must be challenged, writes Independent Media Editor-in-Chief Adri Senekal De Wet.
Picture: SuppliedThe staggering salaries of South Africa ’s top banking CEOs have sparked outrage and disbelief, especially as millions of ordinary South Africa ns continue to face deepening poverty, unemployment, and financial hardship.
The average South African worker earns just R26,894 per month, according to the latest Stats SA quarterly employment survey. This equates to R322,728 annually — an amount Fani Titi earns in just one day. The absurdity is that Titi made more in 24 hours than the average worker earns in a year of hard labour.
Capitec CEO Gerrie Fourie, despite leading a bank known for its focus on lower-income customers, earned R65.74 million in the same year, which equals R180,109 per day. At the bottom of the pile is FNB’s Jacques Celliers, who took home R31.9 million, or R87,458 per day – still an amount that most South Africans can barely imagine earning in a year.While banking CEOs are cashing in, South Africa's economic crisis continues to deepen.
It is easy to argue that running a major financial institution requires expertise, leadership, and a capacity for navigating complex market dynamics. But does that justify such extravagant compensation, particularly in a country where inequality is already a profound issue?
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