Today’s Codera Analytics post compares South African Reserve Bank average wages to those of government workers. Government wages have grown by an average of 5.4% since 2006/07 for Senior Management Service (SMS) employees and 7.6% for non-SMS employees. By comparison, SARB average wages grew at 8.3% per year (or 8.4% if benefits are included) since 2006/07 (including 2024/25). Average wages at SARB (which includes non-management employees) are just shy of R1.5 million including benefits – a level comparable to management in government. Unfortunately, SARB does not report detailed data for different roles in the organisation or by level of seniority over time so one cannot tell the extent to which average wage changes reflect a compositional shift in the staff complement.
