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ELEMENTS OF REMUNERATION
GUARANTEED REMUNERATION
Remuneration consists of the following guaranteed components and is applicable to all levels in the organisation:
Basic salary
To attract and retain talented employees; reflects the scope and nature of the role; provide competitive pay and reward performance.
Management is given discretion to apply increases within a stipulated range to employees dependent on individual performance. Salaries are
benchmarked annually.
The average increases for 2015/2016 were:
SOUTH AFRICA
Bargaining unit
7.5% increase on 1 July 2015.
All other employees
5.0%, effective 1 December 2015.
INDIA
5.5%, effective 1 October 2015.
REST OF AFRICA
Kenya
No increase was granted.
Zimbabwe
No increase was granted.
Ghana
10%, effective 1 October 2015.
Provident fund
Provide financial security and dignity to employees and their beneficiaries. The funds also provide death, disability and funeral benefits.
SOUTH AFRICA
Bargaining unit
Employee contribution varies from 7.0% to 7.5% of basic salary. The Company contribution varies from 10% to 11%
of basic salary.
All other employees
Contributions are 18% of retirement funding income, which is set at not less than 75% of the total remuneration
package but employees have a choice to increase the contribution.
INDIA
This is governed by statutory requirements in India. Contributions are currently 12% of basic salary at all levels.
REST OF AFRICA
Kenya
Company contributions amount to 10% of basic salary. Employees can contribute voluntarily.
Zimbabwe
Company contributions are 15% of basic salary. Employees contribute 7% of basic salary.
Ghana
The Company and the employees each contribute 5% of basic salary. There is also a provision for the statutory
pension scheme where employees contribute 5.5% and the Company 13% of basic salary.
Medical aid
To cater for ill-health and hospitalisation.
SOUTH AFRICA
Bargaining unit
The Company contributes 50% toward the medical aid.
All other employees
The Company offers a range of independent medical aid schemes as choices for employees.
INDIA
Membership is compulsory. Employees are covered under group personal accident and group medi-claim.
REST OF AFRICA
Kenya
Compulsory contributory medical scheme.
Zimbabwe
Compulsory contributory medical scheme.
Ghana
Employees rely on a statutory scheme (National Health Insurance) which provides cover in government
institutions.
13th cheque
In accordance with the relevant settlement agreements, bargaining unit employees in South Africa receive 13th cheques.
FIVE
SIX
THREE
ONE
FOUR
TWO
OUR GOVERNANCE
(continued)
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Integrated Report 2016