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BusinessLive reports that real disposable take-home pay shrank for the first time in seven months on a year-on-year basis due to higher inflation in September 2017.
The monthly BankservAfrica Disposable Index indicated on Thursday that the average, real, seasonally adjusted banked salary declined by 1.3% to R13,964 in September. In nominal terms, the take-home salary averaged at R14,255. While these changes did not represent a complete reversal in the trend towards declining take-home pay levels, it has become evident that the lower growth rate in nominal and real terms was becoming the norm, the report said. "The difficult economic conditions in the country at present impact firms and their ability to pay higher salaries. The effective tax rate on gross salaries is also taking a toll," BankservAfrica said. According to the report, there was far less growth in the wage employment numbers of big employers than people with pensions.
- Read this report in full at BusinessLive
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