The Citizen reports that the take-home pay of employed South Africans increased significantly in 2024 according to BankservAfrica’s Take-home Pay Index (BTPI), which tracks the average nominal take-home pay of an estimated four million salary earners in SA.

The BTPI closed December 2024 on a high note, showing a continuation of the growth observed throughout the year. “The average take-home pay increased by 11.9% year-on-year to reach R17,202 in December 2024, a significant leap from the R15,367 recorded in December 2023,” BankservAfrica’s Shergeran Naidoo noted. The upward momentum in average salaries was evident throughout the year, despite some monthly volatility. “The BTPI consistently highlighted 2024 as the strongest salary year since 2020. The positive shifts in the nominal take-home pay were buoyed by the recovering business environment, load shedding suspension, moderating inflation, new political landscape and two repo rate cuts,” economist Elize Kruger commented. The average nominal take-home pay increased by 7.9% in 2024, the highest growth in years. However, Kruger pointed out that this increase was from a low base, as 2023 as well as 2022 were dismal years for take-home pay. With inflation moderating notably during 2024, salary earners were better off in real terms in 2024, she pointed out. According to Kruger, salaries are expected to stay buoyant in 2025. According to the latest Quarterly Bulletin of the SA Reserve Bank (Sarb), the average nominal salary increase in the first half of 2024 was 5.2% compared to a full-year average of 4.5% in 2023.

Read the full original of the report in the above regard by Ina Opperman at The Citizen

Read too, Awesome news for take-home pay and 2025 salaries in South Africa, at BusinessTech

Get other news reports at the SA Labour News home page