Cyril to earn R3.6m a year

PRESIDENT Cyril Ramaphosa, already one of South Africa’s richest men, will earn over R3.6 million a year – R700 000 more than former president Jacob Zuma.

The presidential salary was revealed in the 2018 Budget which Finance Minister Malusi Gigaba presented this week.

Ramaphosa has an estimated net worth of more than R5.2 billion, according to Forbes, that ranks him as the 12th richest South African.

He has appeared in financial magazines such as Forbes Africa and Bloomberg.

The highly contested seat of deputy president will earn a little less at R3.2m annually. The name of the person who will take up this position is yet to be announced.

Ramaphosa’s salary puts him right at the top as the highest paid president on the continent.

His salary may seem high, but it is nothing compared to some of the executives of big businesses in South Africa.

Ramaphosa’s annual salary is less than former Shoprite boss Whitey Basson earned in a month.

It is also less than the annual salary of Vodacom chief executive Shameel Joosub.

Even disgraced former Eskom CFO Anoj Singh earned more than the president – something he revealed during Parliament’s Eskom inquiry. Singh revealed he earned R4.6m a year.