CAPE TOWN – He’s one of South Africa’s richest men, but new President Cyril Ramaphosa will be earning chump change compared to the country’s top executives.
According to the budget tabled by Finance Minister Malusi Gigaba in Parliament on Wednesday, Ramaphosa will earn just over R3.6 million this year.
His new deputy stands to earn slightly less, at R3.2 million.
President Ramaphosa will earn around R700,000 a year more than his predecessor, Jacob Zuma.
But this is nothing compared to South Africa’s heads of big business.
At R3.6 million a year, Ramaphosa’s salary is only a third of what Vodacom CEO Shameel Joosub earns before bonuses.
His annual salary is also less than what Shoprite boss Whitey Basson used to earns in a month before he stepped down as CEO last year.
Even disgraced former Eskom chief financial officer Anoj Singh earned more than the new president.
He told Parliament’s Eskom inquiry a day after his resignation, that he earned R4.6 million a year.
It’s not like Ramaphosa needs the money though as Forbes ranks him as the 12th richest South African, with an estimated net worth of $450 million.