Presenting the 2019 national budget on Thursday in Parliament, Finance Minister Mthuli Ncube said Government will cut basic salaries by 5% as a means to reduce spending on employment costs.
He said the salary cut will be effected on all senior positions from Principal Directors, Permanent Secretaries and their equivalents up to Deputy Ministers, Ministers and the Presidium. The salary cut effective 1 January will also affect top officials at State Owned Enterprises. Said Ncube:
Mr Speaker Sir, it is critical that we reduce public spending on employment costs. As a first step, Government has decided that effective 1 January 2019, a 5% cut on basic salary, be effected for all senior positions from Principal Directors, Permanent Secretaries and their equivalents up to Deputy Ministers, Ministers and the Presidium. This is also extended to basic salaries of those in designated posts in State Owned Enterprises (CEOs, Executive Directors and equivalent grades), including Constitutional Commissions and grant aided institutions. A standardisation/alignment exercise in remuneration including benefits for Constitutional Commissions, will also be undertaken to remove inequity and disparities.
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Professor Mthuli Ncube is the Minister of Finance and Economic Development.He was the Chief Economist and Vice President of the African Development Bank ,financial, economics, investment, and public policy expert, entrepreneur and academic. Professor Ncube divides his time between the private sector in Switzerland and... Read More About Mthuli Ncube