Since 2002, the salary of the average employee at the SARB has risen by about 8.6% annually (7.4% in the case of the Governor and 9% in the case of total employment cost per employee), compared to average annual CPI inflation of about 5.1%. Remuneration and recurring staff costs per employee rose almost 30% between 2022 and 2023, with average wages rising to R1.15 million (excluding medical and pension benefits, or around R1.45 million including). 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 the large 2023 increase might reflect a compositional shift in the staff complement.
Footnote
Note the averages in text are annual averages since 2002 for the Bank only. June month is used for annual inflation as the SARB annual report is generally published in that month and for comparability of wage developments to other institutions.
