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BankservAfricaFin24 reports that South Africans' take-home pay increased by 1.5% above inflation in April, while privately banked pensions increased by 5%, according to the latest BankservAfrica Take-Home Pay Index.  

This was mainly due to the revised personal income tax, which came into effect at the beginning of April, thereby providing some relief for employees earning below R432,300 per annum.  The average take-home salary was R14,681 in nominal terms for April 2018, representing a 5.8% increase on April 2017.  In real terms the index showed the average salary was R13,909, 1.5% higher than a year ago.  This was the seventh consecutive month of positive salary increases.  BankservAfrica’s Private Pension Index (BPPI), which tracks about 670,000 pensions paid across the banking system, showed that real pensions increased by 5% in April.  In current prices, private pensions increased by 9% on a year-on-year basis.  This strong performance was surprising, as investment returns have not always been as robust over the last few years, according to the index report.  In nominal terms, the average pension increased to R7,096 in April 2018.  This was the third consecutive month in which the average pension payment was above R7,000 for the month.

  • Read this report in full at Fin24

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