Budget estimates show Ramaphosa has huge earning potential – but the reality may be very different.
National Treasury is budgeting for a bumper payday for president Cyril Ramaphosa and the country’s deputy president.
In 2018, he pledged to donate half his salary to the Nelson Mandela Foundation to support early childhood development projects. The foundation confirmed tothat the president had made good on his promise and has benefited over the last four years from the donations. While finance minister Enoch Godongwana did not want to get ahead of negotiations with the public sector during his speech on Wednesday, his department is still facing heated backlash from unions for unilaterally pushing through a hike of 3% in the current financial year.
He added that the public sector wage bill would reach R701.2 billion – surpassing a level he once thought would be borne in 2025. However, Godongwana flagged unaffordable public-service wage bill settlements as one of the critical risks to South Africa’s fiscal outlook, adding that stricter controls to manage the public service’s infamously bloated headcount are needed to rein in spending.Despite efforts to address the wage bill and government salaries, Treasury cannot escape the reality of the rising cost of living in South Africa.
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