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BankservAfricaFin24 reports that according to BankservAfrica’s latest monthly data, monthly take-home pay reflected a marginal increase for February 2018, while private pensions continued to outperform.  

Take-home pay averaged at R14,502 in February and increased marginally by 0.5% in real terms on a year-on-year basis compared to the monthly 1.1% registered for January.  Average private pensions showed greater growth compared to the rate of increase of take-home pay, growing by 11.5% in February 2018 compared to February 2017.  This represented the fastest nominal growth since November 2013, according to BankservAfrica’s Shergeran Naidoo.  In nominal terms, the average private pension was R7,029 in February 2018.  After taking inflation into account, the private pensions increase stood at 6.8%, which was the highest year-on-year increase on record in real terms.  “Growth in pensions has outpaced wages for some time.  This has been a strong trend over the last five years and is in part due to the good pension fund performance and pensioners taking a higher percentage of their retirement income to beat inflation,” said economist Mike Schüssler.  Despite this growth, pensioner incomes are not on par with salaried employees.

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