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
AFRICA.COM: Live From The World Economic Forum In Davos
When Times Are Tough, Micro-Savings Can Provide Some Certainty
Food Price Inflation: Are We Watching “That 70’s Show”?
Five Ways IT Companies Can Grow In Africa
Staple Foods Are Fast Disappearing From The Table Of millions Of South Africans
Beyond Grades: The Crucial Skills Required For Future Success
Higher Inflation: What It Means And How To Survive It
Five Ways To Improve Your Financial Fitness Today
Fear Of Job Loss Is Impeding South Africa’s Digital Transformation
Eco-Logic Awards: Call To Entry Deadline Extended
Take The Sting Out Of The Needs
Debt, Savings And Retirement – The Budget Address We Should Be Having With Ourselves