Vodacom and Absa bosses forego a portion of their pay

The executives of Vodacom, and financial services group, Absa will donate a third of their salary for the next three months to the Solidarity Fund – set up to support the fight against the Covid-19 pandemic.

President Cyril Ramaphosa announced on Thursday last week that he, the deputy president, and members of cabinet, will all take a 33% pay cut over the next three months.

The president said that this money would be donated to the established Solidarity Fund, and called on MPs, public officials and executives to do the same.

Vodacom said in a statement on the weekend, that group chief executive officer, Shameel Joosub, heeded the call by the president, “and will donate a third of his salary for the next three months to the Solidarity Fund.

Absa said its executives would also forego 33% of their monthly salaries for the next three months and donate these amounts to both the Solidarity Fund as well as the Group’s Covid-19 community support programmes.

These are the group chief executive, the deputy group chief executive, the finance director, the chief executive of Retail & Business Banking SA, and the chief executive of Corporate and Investment Banking.

Earlier, FirstRand announced that the executives of its largest businesses would forego 30% of their salaries for three months.

This includes the CEO, COO, and CFO of FirstRand, and CEOs of FNB, RMB and WesBank.

FirstRand chief executive officer, Alan Pullinger, said that the group wanted to demonstrate unity with the president and his ministers, who on Thursday night made the same pledge.

President Ramaphosa on Thursday evening extended the country’s lockdown by two weeks until the end of April. This as the number of confirmed Covid-19 coronavirus cases in South Africa climbed to 2,173 on Sunday.

This is an increase of 145 new cases from Saturday, with the country reporting a total of 25 deaths, unchanged from before, while 80,805 tests have been conducted so far.

Read: South Africa’s government ministers will take a 33% pay cut for the next three months – here’s how much they earn

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Vodacom and Absa bosses forego a portion of their pay