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BusinessLive reports that after taking inflation into account, the average South African salary declined by 2.4% in June from the same month in 2017.
It was shown in the monthly report by interbank payment service BankservAfrica on Tuesday that the average take-home pay for formally employed South Africans paid via the national payment system was R14,302 in June in current prices, reduced to R13,593 after stripping out inflation. "Real take-home pay for June experienced its largest decline since early 2017 owing to rising inflation and the delay of annual salary adjustments and back-pay in the public sector, the leading employer in SA," BankservAfrica indicated. In current prices, salaries grew 2% over the year while inflation was 4.6%, effectively leaving South Africans 2.4% poorer. Public sector wage increases backdated to April were only paid in July — so will only appear in next month’s report
- A short report by Robert Laing is at BusinessLive
- Read too, Salary index shows 'collapse' in real take-home pay, at Fin24
- And also, This is the average take-home pay in South Africa right now, at BusinessTech
Get other news reports at the SA Labour News home page