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FirstRand bosses respond to president’s call, pledge 30% of salaries to Covid-19 relief fund

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FirstRand CEO Alan Pullinger, said the group wanted to demonstrate unity with the president and his ministers, who pledged 30% of their salaries on Thursday night
FirstRand CEO Alan Pullinger, said the group wanted to demonstrate unity with the president and his ministers, who pledged 30% of their salaries on Thursday night

FirstRand bosses have responded to President Cyril Ramaphosa’s call to support the Covid-19 relief fund set up to cushion the impact of the pandemic in the country.

On Saturday, FirstRand announced that the group’s chief executive, chief operations officer and chief financial, and the chief executives of its largest businesses, FNB, RMB and WesBank, will forego 30% of their salaries for three months.

FirstRand CEO Alan Pullinger, said the group wanted to demonstrate unity with the president and his ministers, who pledged 30% of their salaries on Thursday night.

“The president’s request is meaningful and we believe he is right to ask business leadership to step up and make the same sacrifice, particularly given what is at stake for our country,” Pullinger said.

The proceeds will be directed to FirstRand’s Spire Fund, which, together with the Solidarity Response Fund and other industry initiatives, is focused on accelerating South Africa’s Covid-19 critical care capacity, including the provision of personal protective equipment to healthcare workers.

During his address on Thursday night, Ramaphosa announced a one-third salary cut for himself, Deputy President David Mabuza, Cabinet ministers, their deputies and the provincial premiers.

READ: Ramaphosa says Covid-19 lockdown is effective, extends it for 2 more weeks

The money will go into the Solidarity Response Fund that has been set up to fight the coronavirus pandemic.

Addressing the nation on the extension of the national lockdown until the end of this month, Ramaphosa said this will apply for the next three months.

“In support of this effort we have decided that the president, the deputy president, ministers and deputy ministers will each take a one-third cut in their salaries for the next three months.

“This portion of their salaries will be donated to the Solidarity Fund. We are calling on other public office bearers and executives of large companies to make a similar gesture and further increase the reach of this national effort,” said Ramaphosa.

Telecommunications giant, Vodacom, has already donated 20 000 cellphones to health workers who will be screening and testing South Africans for the virus.

Business moguls, including the Rupert and Oppenheimer families, have each donated R1 billion to assist small businesses and their employees affected by the coronavirus pandemic. The Motsepe Foundation pledged R1 billion to cover the education of underprivileged children in the country.


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