Average wages at the South African Reserve Bank (SARB) have grown faster than at National Treasury (NT) since the global financial crisis. At NT, the average salary (including benefits) for 2024/25 was around R625 000. The average staff cost reported by the SARB is just shy of R1.5 million including benefits – a level comparable to management in government. In terms of headcount, the number of employees at National Treasury have increased from 470 in 2002 to 1028 most recently as its responsibilities have expanded. Headcount at SARB has risen from 2269 in 2002 to 2640 most recently.
