Average wages at the South African Reserve Bank (SARB) have grown faster than at National Treasury (NT) since the global financial crisis. At NT, average employee cost for 2022/23 was around R500 000 (or in the order of R800 000 if benefits are included). The average staff cost reported by the SARB was a lot higher in 2022/23, at around R1.1 million (or around R1.45 million if medical and pension benefits are included). In terms of headcount, the number of employees at National Treasury have more than doubled over the last 2 decades, although it has declined subsequently. Headcount at SARB has only risen slightly but is more than twice that of Treasury.
