The Congress of South African Trade Unions (COSATU) applauds Investec for implementing a R21 000 minimum monthly salary for its workers.

Releasing its financial results on Friday, private bank and wealth management group, Investec, said it had implemented the minimum salary in June 2023, which saw its lowest paid workers take home R250 000 per year.

Investec is the latest financial services group to make its minimum pay public after Old Mutual and Sanlam declared theirs at R15 000 per month in April this year.

COSATU anticipates that this latest move will spur other financial services firms to reveal their minimum pay and shame those who are still paying workers a pittance, to do better.

One of the goals in setting the minimum wage, was to raise wages for the most vulnerable workers, push wages from the bottom up and encourage employers to compete and pay better wages to secure workers’ labour. This along with the Companies Amendment Bill, which compels listed companies and state-owned enterprises to disclose the wage gap between the lowest and highest paid members of staff in the company, should help boost salaries. 

The Federation commends it’s tireless Affiliate, South African Services and Banking Organisation (SASBO), for its relentless campaigning and efforts in servicing not only their members but all workers in this sector that has been slow to transform.

However, it is disappointing to note that despite Investec’s implementation of the minimum pay, the gap between the 5% lowest paid and the 5% on the other end of the spectrum is still river wide with top earners at Investec pocketing R10.1 million per year. It is clear we still have a long way to go to eliminate our entrenched levels of inequality.

Issued by COSATU

For more information please contact:

Zanele Sabela(COSATU National Spokesperson)

Cell: 079 287 5788

Email: zanele@cosatu.org.za