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BankservAfricaBL Premium reports that according to data drawn from the National Payments System (NPS), wages and salaries in the formal economy have almost recovered to pre-Covid levels.

BankservAfrica, which administers the NPS and compiles a monthly index on take-home pay, said on Wednesday that the number of transfers to employees in March 2021 was slightly higher than the same month a year ago. The data also showed that overall take-home pay had increased in real terms by 0.7% over the year. “In my opinion, the recovery has been nothing short of incredible and much better than I expected. But I must note we are not creating new jobs just yet. The figures for March this year are still lower than what was recorded two years ago,” said economist Mike Schüssler. The data only includes companies that use payroll software to administer payments, skewing the data towards the public sector and larger companies. Despite this, Schüssler said the data showed the recovery in employment underway at workforces of medium and large companies had returned to pre-Covid levels. But, Bankserv’s data also showed that daily-paid employees have continued on a declining trend, indicating that part-time and casually employed staff have borne the brunt of the economic fallout. “But there are definitely fewer lower-wage employees in the system. In our estimate, the levels are 8%-10% lower than last year,” said Schussler.

  • Read the full original of the report in the above regard by Warren Thompson at BusinessLive (paywall access only)
  • Read too, SA’s take-home pay increases are returning to their pre-Covid trend, at Business Report


Get other news reports at the SA Labour News home page