Discovery raises minimum pay to R16k

Discovery has set its minimum salary at R16,666 per month.

Group CEO Adrian Gore on Wednesday presented its 2024 annual report.

“The Discovery SA minimum salary has been set at R200,000 per annum or R16,666 per month in line with Discovery’s commitment to fair and responsible remuneration adjusted accordingly,” he said.

He reported improvements in diversity, noting 45% of senior managers are women and 39% are African. 

While the new pay policy applies to most employees, those working on a commission basis may also qualify if their total earnings meet the threshold.

In July, Investec announced a minimum salary of R21,000 per month for its employees.

The Discovery remuneration committee has emphasised its focus on ensuring equitable pay while reviewing the differences between the highest and lowest earners in the organisation.

The report highlighted a significant pay gap in the executive ranks. Discovery Bank CEO Hylton Kallner received a total remuneration of almost R57.65m for the financial year ending June 2024, nearly double that of Gore’s R31.67m.

Kallner’s package included a base salary of just under R8.2m, with a cash performance bonus of R24.29m and R24.45m in long-term incentives. In contrast, Gore’s compensation comprised a base salary of R8.43m, a performance bonus of R10.62m and long-term incentives of R10.86m.

Faith Khanyile, chair of Discovery’s remuneration committee, said: “The group’s remuneration structure supports employees’ long-term performance to meet future growth objectives.”