Zuma gets a pay increase
BusinessTech.co.za - Mar 11th 2016, 09:22
The National Assembly has approved a 5% salary hike for President Jacob Zuma, taking his annual salary to R2.87 million per year.
Ahead of the national budget speech in February, Zuma approved an increase in salaries for political office bearers nationally – by 4.4% for 2015/16.
This was below inflation and the recommended rate by the Independent Commission for the Remuneration of Public Office Bearers, in line with the current economic climate, the presidency said.
The Commission recommended that the salaries of all public office bearers be increased by between 5% and 8% for the various offices in the 2015/16 financial year.
The salary of the President is determined by Parliament, though the Commission recommended a 5% increase for Zuma in November 2015.
President Zuma is one of the best-paid presidents in the world, with earnings on par with many leaders from developed and economically thriving countries.
During the sitting of National Assembly, the EFF put in a motion that Zuma’s salary be cancelled indefinitely, following his admission that he benefited unduly from security upgrades at his Nkandla homestead.
“He does not deserve a salary,” the EFF said, to cheers from opposition parties.
The ANC objected to the motion, and succeeded in squashing it – with 172 members against the EFF’s motion, 81 for, and 4 abstaining.From 2016 Copyright, BusinessTech. All right reserved.
How a US-China trade deal could benefit SA
11/11/2019 - 09:53
Africa is poised to become the “land of opportunity” for bond and equity investors should the US and China strike a trade deal, Bank of America (BofA) says.
Manufacturing sentiment improved in October
05/11/2019 - 12:52
Manufacturing activity recovered in October, improving on the previous month’s revised figures and beating market expectations.
Local retailers are outperforming a bad economy
31/10/2019 - 08:49
South African retailers have been battered by poor trading conditions, rising job losses and weak economic growth, which has made it difficult for companies to pass on costs to their customers.
Regulation of online and mobile gambling in Africa must gather pace
29/10/2019 - 10:20
The gambling industry in Africa has been busy recently following the ICE Africa and Big African Summit events. These explored the current state of legal gambling within the continent and included conferences by established industry professionals.
A water continuity strategy in Africa is critical to economic success
22/10/2019 - 13:48
The world’s sources of water supply are under immense stress and the impact of water shortages is debilitating cities, organisations, and communities every day. It is estimated by 2025, no fewer than 25 of the 48 countries that are expected to be facing water shortages will be African. According to Mannie Jnr. Ramos, CCO of Abeco Tanks, the world’s first bank for water, “This means that around 230 Million Africans will be living in water-scarce areas, with another 460 Million in water-stressed areas.”