Sponsored Links:
Independent Newspapers
Zwelinzima Vavi general secretary of Cosatu. Picture: Antoine de Ras.
South African workers will be even more determined to fight for a living wage after the publication of the Rich List by the Sunday Times, says the Congress of SA Trade Unions (Cosatu).
The list showed that SA's 20 wealthiest people, who were collectively worth 112.2 billion rand, had seen their wealth jump 58.96% over the past two years, while the wealthiest 100 people had seen their wealth shoot up 62.19%.
Patrick Craven, Cosatu's spokesperson, said the list confirmed that the world's most unequal society was growing more unequal by the day.
According to the list, top earners in 2010 included Shoprite CEO Whitey Basson, who took home 627.53 million rand in salary, perks and share options, BHP Billiton CEO Marius Kloppers, who received a total of 77.53 million rand, and Bernard Kantor, Investec's MD, with 56.69 million rand.
“These figures make nonsense of the argument that companies need to pay such vast amounts in order to retain top skills, because more than 20 of the top 100 highest-paid executives in 2010 are no longer in their positions today,” said Craven.
Craven said that Cosatu was forging ahead with its living wage campaign, which aimed to raise “the pathetic levels” of workers' wages and start to narrow the huge gap between rich and poor.
The latest figures for the rich, Craven added, proved that SA was a rich country, but that the distribution of the wealth left just 20 people owning 112.2 billion rand, while 48% of South Africans, around 24 million people, were living on below the poverty level of 322 rand a month.
“16% of employed workers earn less than R500; 33.4% earn less than R1,000, and 60% earned less than R2,500. Yet employers want more 'flexible' labour laws so that they can find ways to pay even less, as many are already doing by using labour brokers or employing workers on a casual basis,” Craven noted.
“Workers will certainly not stop fighting for real increases in their living standards while such grotesque levels of inequality remain,” Craven concluded. - I-Net Bridge
|
|
bruce, wrote
I disagree Deon, if you are smart enough,intelligent enough and work hard enough, you deserve whatever you get. People should look up to people like that, not to look down with disgust and jealousy. The stress levels that come with that kind of position must be immense. People are forgetting that these people are earning their salaries, not getting given them like the members of Cosatu.
Anonymous, wrote
Is this for black masses consumption? A whites only list...ah ah Patrice, Tokyo, Cyril and many others of darker complexion do not feature?
Deon Olivier, wrote
I am very sorry but NO HUMAN being deserves 627 million rand a year for that you better be able to fly and walk on water. Totally obscene, A total lack of morals and a slap in the face of decency. Those "advocates" at the RAF don't fall far behind. I would like to drop them off in "Gugs" or "Alex" with a sign on their backs saying I charge 250k a day for nothing
blackmamba, wrote
@ Joe, I gotta give it to you, good one. Tell them them man. Their jealousy & hatred will get them nowhere because they are not looking at the facts and being objective. And @ jd, his name is not Patrick. It is Patrice. You'll need to learn how to spell before you can even dream of learning about how to earn that much money.
Larry, wrote
Oh come on guys,stop this sensationalist reporting !!......All these people own companies whose sohare prices were battered in the economic crisis 2 years ago and these shares have simply recovered and thats where the real money was made......and lets face it I dont remember reading an article 2 years ago about how much money the wealthiest in SA lost 2 years ago...........The reporting these days is so shoddy its not even funny !!
Joe Lebelo, wrote
No,No,No. Now hold on everybody. You are missing the plot. The article is talking about wages earners not owners of companies. Please do not use your jealousy and hatred of people and organisations as an excuse. Face the point, the wage gap is now a chasm.
Anonymous, wrote
Coincedence that the Number 1 richest guy is left out of the article....good reporter iol!!?
jd, wrote
they would not dare mention patrick ,,,,,,, or any cabinet minister cosatu should look at there own back yard there own people are bleeding the country dry the majority are worse off now than before 1994 at least the last goverment knew when to stop now because the anc has not produced the goods it is still the minoritys fault but as the old saying goes you got what you voted for zim not to for off now there still bliming the previous gov that was the breadbasket of africa
Gucci Gnome, wrote
I agree with Anonymous @ 05:52pm, and I am not being racist here. I am in fact addressing an article (above) which is racist. Where is the name of the richest person in SA, Patrick Motsepe. No mention is made of the little Toad Squad Commander and his Trust Fund with millions and his 16mil house and flashy cars. I, for once in a while, caree with Cosatu. While would you pay one person 627mil a year to retain his services, while depriving others a R100 or R1000 increment on a meager salary ?? I say go for it, strike, make them consider a more acceptable rebistribution of wealth...
sowhat?, wrote
The old class divide tactic is so old, worn out, and intellectually exhausted, but it still works with the masses. How many people do those top 20 people hire? How many luxury goods and services do those top 20 buy? Give the masses all the wealth of the top 20 and what will most do with it? Buy booze and cigarettes. I guess Vavi considers that "equality"?!
Clive, wrote
If we cashed up the 112Billion and shared it among the 48% poor each would get R4666.00. A week after receiving their share 99.9% of people would be back to where they were before the hand out.
Anonymous, wrote
Showing items 1 - 12 of 12
 |
 |
 |
 |
 |
Services
Buying a car has never been easy. Motoring.co.za contains a large database of car listings with a user friendly search.
Start searching today »
Financial Tools
You are here: IOL / Business / Business News / Cosatu declares 'war' after rich list
We like to make your life easier
Mobile
Browse IOL on your phone at m.iol.co.za.
Newsletters
Subscribe to our newsletters. News delivered to your inbox!
Comment Guidelines