Average salary increases in SA are failing to keep pace with inflation as low economic growth, high unemployment and the fallout from the coronavirus pandemic impact on the labour market, a BankservAfrica report released on Wednesday shows. Moneyweb
Average salary increases in South Africa are failing to keep pace with inflation as low economic growth, high unemployment and the fallout from the coronavirus pandemic impact on the labour market, a BankservAfrica report released on Wednesday shows. Read: SA unemployment rate rises for first time in over a year The average nominal salary measured in the BankservAfrica Take-home Pay Index rose to R15 438 in February 2023, from R12 573 five years earlier. The 22.8% increase lagged a 26.
Read: Economists see SA skirting recession in first quarter “Between 2018 and 2021, the nominal take-home pay kept up with inflation,” said Shergeran Naidoo, BankservAfrica’s head of stakeholder engagements. “However, in 2022 it took a turn for the worse as the nominal average take-home pay stagnated, falling behind the rising cost of living.
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