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BL Premium reports that take-home pay improved for a second consecutive month in August, an indication that some industries have become progressively more resistant to the effects of load-shedding, with companies reducing their energy dependence on Eskom.
After a notable uptick in July, BankservAfrica’s take-home pay index published on Wednesday showed the average nominal take-home pay increased to R15,578 in August – 5.8% higher than a year earlier – and up from July’s R15,525. BankservAfrica’s Shergeran Naidoo said that after having stabilised in the second quarter, nominal salaries increased in July and August despite an economic narrative that was largely unchanged. “Encouragingly, indications that some industries have become progressively more resilient to the effects of load-shedding, as companies reduce their energy dependence on the embattled Eskom, has been an underlying positive development in recent months,” Naidoo said. If sustained, the improved conditions in the private sector could be a supportive factor for employment and remuneration prospects, he added. Economist Elize Kruger commented that a notable moderation in consumer inflation over the past two months had increased the levels of real take-home pay. BankservAfrica data also suggested a slight improvement in the job market in the third quarter. About 187,500 more salaries were paid in July and August, almost offsetting second-quarter losses of 198,000 but also confirming the sideways trend in the number of salaries paid so far in 2023.
- Read the full original of the report in the above regard by Thuletho Zwane at BusinessLive (subscriber access only)
- Read too, August salaries up 5.8% compared to 2022 despite tough economy, at The Citizen
Get other news reports at the SA Labour News home page