Salaries in South Africa continue to outperform 2023 levels.
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GUEST – Elize Kruger, Independent Economist.
Take-home pay recovered somewhat in May, but pensions treading water. The BankservAfrica Take-home Pay Index (BTPI), tracking the average nominal take-home pay among about 4 million salary earners in South Africa, recovered somewhat in May 2024 to reach R15 888, a notable 10.0% up on a year-ago but slightly below February and March levels. In real terms, take-home pay also tracked slightly higher at R14 015 in May 2024, 4.5% up on year-ago levels. It is becoming increasingly clear that 2024 could be a better year for salaries than 2023. With no load shedding in the past three months, the business environment has improved meaningfully compared to the previous year, positively influencing companies’ ability to pay better salary increases in 2024.
Take-home pay recovered somewhat in May, but pensions treading water. The BankservAfrica Take-home Pay Index (BTPI), tracking the average nominal take-home pay among about 4 million salary earners in South Africa, recovered somewhat in May 2024 to reach R15 888, a notable 10.0% up on a year-ago but slightly below February and March levels. In real terms, take-home pay also tracked slightly higher at R14 015 in May 2024, 4.5% up on year-ago levels. It is becoming increasingly clear that 2024 could be a better year for salaries than 2023. With no load shedding in the past three months, the business environment has improved meaningfully compared to the previous year, positively influencing companies’ ability to pay better salary increases in 2024.