Wages and headcount at PIC, NT and SARB

This post does a deep dive into staff numbers and average wages at the Public Investment Corporation (PIC), South African Reserve Bank (SARB) and South African National Treasury (NT). The average employee cost at the PIC has grown much faster than at the SARB  or NT and is also much higher in level terms. Based on total reported employee costs to number of employees, the average total package reported for 2023 at the PIC was around R1.9 million, compared to around R1.45 million at SARB (or R1.15 excluding medical and pension benefits) and slightly more than R500 000 at NT. Headcount at the PIC is almost eight times higher than in 2003, while the total staff complement at NT has roughly doubled. SARB’s headcount has risen slightly over recent years but has been more stable over time. The PIC’s asset base has risen a lot, although a large share of assets is also externally managed. As a result, the ratio of staff to assets under management has been relatively stable since 2012, although it has risen if externally managed funds are excluded.


Unfortunately, these institutions do not report data for different roles  in the organisation or by level of seniority over time. We will be doing a range of posts doing deep dives into average wage levels in different public institutions over the next couple of months.

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