Sasol announces 'salary sacrifices' for senior leadership and junior management.
Sasol, which has been hard hit by the impact of Covid-19 pandemic, announced big salary cuts this week. The first part of the ‘two-part salary sacrifice’ impacts CEO Fleetwood Grobler who, for three months starting from May, will donate 33 percent of his salary to the Solidarity Fund set up by the South African government to support the fight against Covid-19.
He will thereafter take a 20 percent, along with the rest of his executive team, for five months up until December.
The second part of the cost-cutting initiative will see directors’ fees reduced by up to 40 percent, while executive committee senior leadership and junior management will take salary cuts for eigh months.
Said Sasol in a Stock Exchange News Service statement: Salary sacrifices for the group executive committee and senior leadership members of 20 percent, and for middle to junior management levels ranging from 15-10 percent. Salary sacrifices are planned for 8 months, however, the duration of the temporary measures will be reassessed against the progress we make towards our savings targets. Furthermore, no salary increases will be effected in 2020.”