House Chair, the announcement by the FirstRand Limited Group that its chief executive officer Sizwe Nxasana received R38 million in 2011, making him the highest paid bank chief in South Africa, cannot come at a more inappropriate time. Nedbank CEO Mike Brown received a pay increase of 63% in 2010, and Maria Ramos of Absa earned R27,5 million last year.
The state wage bill has increased by 42% of GDP. Our government has become the largest employer in the country. We need to create an environment conducive to successful negotiations with the unions in order to curb the growing state wage bill. The private sector and especially the banking sector, followed by state-owned enterprises and municipal managers, continue to pay outrageous salaries and bonuses. This cannot be allowed to continue. A downward revision of salaries needs to be negotiated and the private sector needs to play its role. The overall gap between top officials and workers is too high. The overall salary gap between that of the executive and Members of Parliament is too high. It's time for leadership to prove itself by taking a voluntary dip. [Applause.]