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The Citizen reports that according to the BankservAfrica Take-home Pay Index (BPTI), there was a welcome recovery in salaries in July for the second month in a row.
This was despite the challenges in the SA economy, such as the ongoing rolling blackouts, elevated interest rates, a lacklustre job market and low confidence levels. “The average nominal take-home pay in July was R15,503, notably higher than the R14,169 in June this year and R14,509 in July 2022,” BankservAfrica’s Shergeran Naidoo reported. The average real take-home pay came out of its prolonged slump, growing by 1.2% year-on-year to show the first positive growth rate since September 2021. Economist Elize Kruger said this was the first glimmer of hope for salaries driven by the notable moderation in consumer inflation. However, she warned that this might not be a sustainable trend: “The renewed pressure on fuel prices has surfaced again and the depreciation of the rand exchange rate will add to the cost of imported products, pushing inflation higher.” More than 63,000 salaries were paid in July 2023, but these were not enough to offset the previous month’s losses. The job market is likely to remain lacklustre for the remainder of the year. The BankservAfrica Private Pensions Index (BPPI) ticked up further in both nominal and real terms during July, continuing its solid performance.
- Read the full original of the report in the above regard by Ina Opperman at The Citizen
- Read too, SA salaries improved slightly in July, at BusinessLive (subscriber access only)
Get other news reports at the SA Labour News home page