Wages at SARB, NT and PIC

The average employee cost at the Public Investment Corporation (PIC) has grown much faster than at the South African Reserve Bank (SARB) or National Treasury (NT) and is also much higher in level terms. Based on total reported employee costs to number of employees, the average total package in 2022 at the PIC was around R2.1 million, compared to around R900 000 at SARB (excluding medical and pension benefits, or R1.2 million including) and slightly less than R550 000 at NT (2021 figure). Headcount at the PIC is eight times higher than in 2003, four times the increase in staff over the  same period at National  Treasury. Their asset base has risen a lot, although a large share of assets is also externally managed.


  1. SARB average wage in 2022 was R1.2 million if medical and pension benefits are included in the calculation, excluding director remuneration.

2. Unfortunately, these institutions do not report data for different roles  in the organisation or by level of seniority over time.

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