{"id":314646,"date":"2019-05-05T18:30:05","date_gmt":"2019-05-05T16:30:05","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=314646"},"modified":"2019-05-09T09:55:49","modified_gmt":"2019-05-09T07:55:49","slug":"how-much-the-average-employee-gets-paid-at-absa-vs-capitec-vs-nedbank-vs-standard-bank","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/314646\/how-much-the-average-employee-gets-paid-at-absa-vs-capitec-vs-nedbank-vs-standard-bank\/","title":{"rendered":"How much the average employee gets paid at Absa vs Capitec vs Nedbank vs Standard Bank"},"content":{"rendered":"

Update:<\/strong> The article has been updated with the correct 21st Century pay gap data.<\/em><\/p>\n

South Africa’s big banks have all published their full annual reports for the 2018 financial year, which show how much employees were paid, including benefits.<\/p>\n

Absa, the latest bank to publish its report, revealed that its retired CEO Maria Ramos received a R30 million payday.<\/p>\n

Ramos’ salary was lower than previous years, capping off 12 months of major change at the bank, which included a clean divorce from former parent group Barlcays, as well as a brand overhaul in many of the markets in which the group operates.<\/p>\n

Ramos therefore received a lower wage than her peers\u00a0 – though Absa’s employees overall fared well.<\/p>\n

Absa spent a total of R24.76 billion on its 40,856 employees in 2018, averaging at R606,000 per employee – the third highest among South Africa’s big banks.<\/p>\n

The highest paid average employees were FirstRand, which spent R28.68 billion on 37,958 employees in its 2018 financial year (averaging at R755,550 per employee).<\/p>\n

FirstRand interim executive director – before CEO Alan Pullinger took the reins – earned the highest amount at the banking group, taking home R49.37 million that year.<\/p>\n

Below FirstRand as the second-highest paid employees is Standard Bank, which paid a total of R33.77 billion to 53,178 employees, averaging at R635,000 per employee.<\/p>\n

Nedbank employees earned on average R557,920 (a total of R17.45 billion to 31,277 employees), with Capitec employees earning the lowest average at R281,060 (R3.87 billion for 13,774 employees).<\/p>\n

Data in the tables below are from FirstRand<\/a><\/strong>‘s financial year end to June 2018, Capitec<\/a><\/strong>‘s financial year end is to February 2019 and Nedbank<\/a><\/strong>, Absa<\/a><\/strong> and Standard Bank<\/a><\/strong>‘s data to the end of December 2018.<\/em><\/p>\n

Average employee salary<\/strong><\/p>\n

\n
\n\n\n\n\n\n\n\n
Company<\/th>\nEmployees<\/th>\nStaff cost (salaries and benefits)<\/th>\nAverage per employee<\/th>\n<\/tr>\n
FirstRand<\/td>\n37 958<\/td>\nR28.68 billion<\/td>\nR755 550<\/td>\n<\/tr>\n
Standard Bank<\/td>\n53 178<\/td>\nR33.77 billion<\/td>\nR635 040<\/td>\n<\/tr>\n
Absa<\/td>\n40 856<\/td>\nR24.76 billion<\/td>\nR606 030<\/td>\n<\/tr>\n
Nedbank<\/td>\n31 277<\/td>\nR17.45 billion<\/td>\nR557 920<\/td>\n<\/tr>\n
Capitec<\/td>\n13 774<\/td>\nR3.87 billion<\/td>\nR281 060<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

Pay gaps<\/strong><\/p>\n

A 2018 report by remuneration consultancy 21st Century<\/a><\/strong> found that CEOs at large cap companies earn an average basic salary of R5.35 million, with short-term and long-term incentives taken into account, this would bring the average closer to R13 million.<\/p>\n

On a guaranteed package level, the average large-cap CEO earns around 20 times more than the average employee (R274,525), 21st Century found \u2013 but when taking the total package into account this jumps to over 47 times.<\/p>\n

Banking leads far exceeded this in 2018, largely thanks to Capitec CEO Gerrie Fourie’s massive R95 million payday – 338 times larger than the average salary paid to Capitec employees.<\/p>\n

Nedbank CEO Mike Brown’s salary is also high above the average at 95 times greater – while the rest of the banks are on or below par in terms of pay gaps.<\/p>\n

Taking all the retail banking groups into account, the average employee salary is R541,877, with the average CEO having a salary 102 times larger at R55.3 million.<\/p>\n

The averages are somewhat swayed by the inclusion of the salaries of the executive teams, which can often balloon to well over R100 million at each company.<\/p>\n

Pay gaps<\/strong><\/p>\n

\n
\n\n\n\n\n\n\n\n
Company<\/th>\nCEO salary (TGP+STI+LTI)<\/th>\nCEO salary as % of total<\/th>\nPay gap<\/th>\n<\/tr>\n
Capitec<\/td>\nR94.99 million<\/td>\n2.45%<\/td>\n338<\/td>\n<\/tr>\n
Nedbank<\/td>\nR53.01 million<\/td>\n0.30%<\/td>\n95<\/td>\n<\/tr>\n
Standard Bank<\/td>\nR49.39 million<\/td>\n0.15%<\/td>\n78<\/td>\n<\/tr>\n
FirstRand<\/td>\nR49.38 million<\/td>\n0.17%<\/td>\n65<\/td>\n<\/tr>\n
Absa<\/td>\nR29.71 million<\/td>\n0.12%<\/td>\n49<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n
\n

Read: How much the average employee gets paid at Vodacom vs Telkom vs MTN<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

All South Africa’s big banks have published their full year reports for the 2018 financial year, revealing how much employees were paid in salaries and benefits.<\/p>\n","protected":false},"author":10,"featured_media":314702,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[29,1798,4088,26,1799,499],"class_list":["post-314646","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-absa","tag-capitec","tag-firstrand","tag-headline","tag-nedbank","tag-standard-bank"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/314646","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=314646"}],"version-history":[{"count":7,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/314646\/revisions"}],"predecessor-version":[{"id":315758,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/314646\/revisions\/315758"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/314702"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=314646"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=314646"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=314646"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}