Mboweni’s pay increase double inflation

Reserve Bank governor’s salary rises 28% as inflation remains well out of target range.

Reserve Bank Governor Tito Mboweni was awarded a 28% pay increase in the past financial year, more than four times the upper end of the inflation target, a newswire service noted on Thursday.

The Bank annual report shows that Mboweni’s salary, including retirement and medical contributions rose to R3,8m from R2,98m in the previous year.

The pay increase jars with the Bank’s quest to keep the rate of inflation between 3% and 6%.

Deputy governors Xolile Guma and Renosi Mokate received remuneration increases of 66% and 73% respectively.  Guma’s salary increased from R1,67m to R2,77m; Mokate’s rose from R1,64m to R2,84m.  

The annual report did not offer any explanation for the huge increase in salaries.

The Bank’s remuneration committee comprises: Raymond Parsons, Stephen Goodson, Noluthando Orleyn and Thandeka Mgoduso.

Sizeable pay rises for public figures such as Mboweni will inspire other public and private employees to demand similar increases. This will have a negative effect on inflation because it will increase the cost of doing business and hence of goods and services.

In 2005, Moneyweb noted that Mboweni had received an increase of 4,4%. This was when workers at Pick n Pay turned up their noses to an increase that was double the inflation rate at the time.

Mboweni’s pay increase is unlikely to please those who have felt the brunt of a string of interest rate hikes. The high-living governor already has a reputation for excessive ego, after attempting to censor what pictures of him are released into the public domain.


Sort by:
  • Oldest first
  • Newest first
  • Top voted

Comments on this article are closed.

Obviously Teetotal MyBMWeenie has bought another belt.

Stock up on the vino , Cubans and Fillet our tax cash is

being spent so friggate wisely. 8 billion is the next contract

target bru.

The man’s arrogance is painfully obvious when doing his press conferences. I do not think he is anything but the village idiot when placed under the spotlight. His successes as a Governor have been as a result of globally low inflation to a large degree, not due to “prudent SARB planning”. They let rates fall too low in the cutting cycle, leading to a overheated credit situation, hardly a visionary decision one would think. This wage increase by the SARB will play into the Union’s hands and well can we blame them for asking for double digit wage increases for their members. I suppose any questions fielded to the governor will be brushed off in the same manner as he brushes off questions at the MPC annoucement, or he could use the “get out of jail free card” and call anyone who questions this racist

Ntsangwisi (Tito) must just go (he is not indispensible) and find a real job where he really earns his salary instead of doing media “Breakfasts or Dinner presentations”. No wonder he is so fat with a round face?

Remember the increase in Escom salaries just before the electricity crisis. !! Change to dollars / off shore QUickly

There has been no target missed by the bank as there is no time line for the target. Monetary policy as in inflation targeting lags behind the causes of inflation.You measure inflation first then act on the results and forecasts thereof. The SARB did not cause inflation to up, they’ve actually done a good job in curbing it.

Reserve Bank governor’s salary rises 28% as inflation remains well out of target range. At least the not fit for purpose 20 meals ahead and 10 s**ts behind idiot knows where the true inflation rate is and that is north of 28%

How much should Tito be earning?

I don’t see why a lousy R3.8 million per annum should raise so many eyebrows considering that he doesn’t get any bonuses, stock options etc.

You lot just have a culture of whining…

We are taking note. Soon nobody will be listening to you.

No wonder he is so arrogant and doesn’t take into account the general public. He is out of touch with reality.

I don’t see why a lousy R3.8 million per annum should raise so many eyebrows considering that he doesn’t get any bonuses, stock options etc.

You lot just have a culture of whining…

We are taking note. Soon nobody will be listening to you.

Is Tito targeting 28 percent inflation ? I hope he has given his employees the same hike.

We been having it, show me the money ! I have told Zuma I will kill for him if he gives me this job next year – no more inflation targeting, low rates devalue the currency, Mugabe has shown me the way viva Zuma viva ANCYL viva Julius viva grade 7 education viva

Tito has been going hungry – it is clear to see he has lost weight and need money to buy some pies

Just as well they paid themselves such large increases – I really don’t know how they would have got by on their existing salaries!! Seriously, 66%

He has a big mouth but does not practice what he preaches….

Most (poor) people suffer but a few arrogant leaders laugh all the way to the bank (or from the top floor of the bank) – Just another african flop

Tito is not stupid.He knows actual inflation is around 25%, not the official 13%.

How typically African. The workers must get as little as possible and we the politicians will take everything we can. This is indeed very sad as he did have a reasonable reputation apart from his churlish attitude about photographers. Just another African politician after all? Disappointing.

How can anybody justify the pay increases – 28%, 66% and 73% – We are going the same route as Zim – Get rid of these guys now – Wait till trade unions see this – Well done Tito – you are a joke

Tito its time to enjoy yourself, some peoples grandfathers and fathers enjoyed themselves too in the past and still do. Face the reality no white person will like a black person, just to tolerate him. All they do is to complain. You go broer.Just ignore them and they will leave for Perth.

You too will soon be on your way to Perth, or not – Maybe to to Zim – Youre type of country

Tito is a public servant and if you want to be rich you dont become a public servant (or any other type of servant). Therefore I believe he should be earning no more than R 1.2mil pa as a senior public servant. That is exceptionally good money in the context of our country. It should be the top band for all public servants including ministers and the State President. If Tito or any other person goes into business for himself or joins the private sector then the sky’s the limit. He will only have to answer to shareholders not citizens. I have no complaint with a guy who owns his own business earning whatever he can get although as a shareholder I also see some execs of listed companies taking the pi$$.

An increase in salary should reflect the value added by that individual.
If no additional value is added his salary should be equal to inflation.
If performance targets are not met he has destroyed value and should get a pay deduction.

Pity more people don’t think like you do…

You are out of touch. If you want to become rich in South Africa you become a public servant and/or a member of the ANC. The best job is in the ANC cabinet where you will never be held accountable and cannot lose your job no matter what you do. You have to be black to join the gravy train but they have taken one or two whites like Erwin but maybe these days are going to pass and BEE will chase all the whites away anyway. Best to join the ANC kindergarten otherwise known as the ANCYL – where people as old as 30 odd are called youth and are forgiven the most childish behaviour imaginable. Anything is acceptable in SA.

Fantastic, he’s starving his own. Keep going, the followers will soon have to start eating grass. They should start getting some survival tips from Zim’s poor across the limpopo.

He who’s in charge of the printing press will never earn less…

Strange how no one reports on how much money gets printed year on year.
Does that no place us in the financial predicament we are in ?

But it gets treated lightly in order to deflect attention away from it. The financial industry relies heavily on it, but they don’t want people to know it and fear them understanding the implications.

Why do you think they are crying for interest rate cuts?

i would not worry about the salary of Tito Mbowen considering the fact that he earns the same salary as Sibusiso Zuma at Mamelodi Sundowns FC. if SAFA can afford to pay the Bafana coach R1.5Mil pm, surely Tito deserves far better that what he is earning now.

Please grab the chance of the forthcoming South African Reserve Bank AGM on September 18th in Pretoria – at 10:30 in Church Street. It is a public company and a public meeting. The shareholders can raise their voice and ask for POINT OF ORDER, when Mr. Mboweni is talking nonsense or trivial dribble. Why not get one share in SARB (currently for R 11) and one has a say. With 200 shares one has a vote. That is to deal properly with a situation, where the people have to raise their voice. Voice your voice. Amandla awethu. For further information see http://www.reservebank.co.za –> about us –> South African Reserve Bank Shares

Good luck Mr M. Please stay, Think of whta our banking free-loaders keep, i’m quite comfortable with you.

Good luck Mr M. Please stay, Think of whta our banking free-loaders keep, i’m quite comfortable with you.

Government lost R70m in oil trades as a result of Mokate’s incompetence and she was dismissed as chief executive of the CEF,” the report reads.

come on a.ryan, how does tito’s salary compare to those of other bank ceo’s?

Mboweni and his lieutenants know they might be on the way out, so they now line their pockets with a last stock-up before they go, and there is no one who will take them to task. I fact – expect this for many outgoing members to do the same in other organizations.

When will the ANC realise their failure to adress crime is costng the economy billions and preventing growth, development and job creation ?

Tighten your belts everybody, inflation is too high and the unions are asking for too high increases, they MUST accept single digit increases to bring inflation down. That excluded me and my deputies of course, WE BEEN HAVING IT HEHEHEHE

This egotistic man tells poor people to tighten their belts whiles he is loosening his. The increase just tells you how selfish he is. Remember he does not owe the car and the house so the money is just for a string of Girlfriends and Gigs at his farm.

preparing a proper comment

suffice it to say this is Africa

politicians and high ranking civil servants are answerable to nobody.

It’s all about “grab it while you can”

This is what blacks do, they don’t contribute, they don’t build, they just take and steal. Have done so for millenia and won’t ever stop. It’s their mature.

are blacks pre-diposed to mess things up? are blacks pre-destined to be failures?……quite possibly; Liberia for instance has never been colonised and yet the country IS MESSED UP!!!

die faggtap bank dount want toe gief mie a loun for ui BMW sou pliez man gief mie a loun or aaim gouhieng toe tyk maai AK47 and tyk sambarries BMW eish hauw haikonna joe ANC Gawwamoent joe myk South Effrieka ui bannana riepabliek djast laaik jor mouron brawwir boggom begghoooooo moegmoertoemugabe eish…eish.. die rynforrestdwellirs whiff ther firkouts and long arrow poointit tyls eish…hauw haikonna.

foggien R 10 Milliejin he milked from the belt taaitenieng tax payirs mannie toe pui hies looijirs whoe diefends hiem ien hies koerrapsjin traail, this longtyl firkoutit beffhoen has hies paws diep ien the taz puijirs cash reggistirs eish…eish joe firkoutit rynforrist dwellirs whill milk a cow untill it koellaps eish …iesh… iets ui nattieril diziez ien jor DNA… koerrapsjin, gried, braaibbirrie, theft,….the ounlie twoe fiengs joe kannot fagg-ap ies ui Valliant`s geerbox and a Wiex babbilgam tjappie eish eish

An increase of 27,5% what a nice increase. Were in the private sector will you be able to pul this one off?

Titos responsibility can warrant such an increase. Whether he fulfills his mandate is a question on its own, the salary is easily justifiable especially considering that Bank CEOs earn close to 5 times more than him.

I wonder if any of them read these comments????????

End of comments.



Subscribe to our mailing list

* indicates required
Moneyweb newsletters

Instrument Details  

You do not have any portfolios, please create one here.
You do not have an alert portfolio, please create one here.

Follow us:

Search Articles:
Click a Company: