CAPE TOWN – Old Mutual is set to donate its executives’ salary cuts to the Solidarity Fund.
The Old Mutual Exco has agreed to take salary cuts from this month, as the interim chief executive officer Iain Williamson said on Wednesday.
“Salary reduction would be equivalent to the inflationary increases we received at the end of 2019 and we’ve agreed with Old Mutual that they wouldn’t put that money into corporate savings. It would be donated straight to the Solidarity Fund, on a monthly basis.”
The company is also making R4 billion worth of cover available to over 400,000 healthcare workers.
“It’s basically an amount of R10,000 per person available for the rest of the year, in the event that any of the healthcare workers should pass away for whatever reason.”
To support other vulnerable groups, Old Mutual has pledged R50 million towards food security and education relief operations.
More Stories
Investing Now Is Better than later
Why Gen Xers And Boomers Are Embracing Cryptocurrency
British Airways And Qatar Airways Complete Expansion To Form The Largest Airline Joint Business
How To Decide On The Best Debt Counsellor For You
New Campaign Calls For Clearer Food Warning Labels To Empower South Africans To Make Healthy Food Choices
Disruption In The Workplace: Gaining Employee Buy-In For In-Office Time
Women Own Or Co-Own More Than Half Of SA’s Homes And Are Buying A Third Of The Cars Being Sold
Banks’ Servicing Of SMEs Does Not Correspond With The Economic Importance Of This Sector
Mzansi’s Top Businesswomen Share Advice For Female Professionals This Women’s Month
Workplace Representativity – Meeting Targets Alone Won’t Fix The Problem
Four Ways Business Travel Can Protect Your Corporate Culture
Kwazulu-Natal’s Growing High-End Coastal Estates Draw Luxury Buyers