{"id":262077,"date":"2018-07-31T09:10:09","date_gmt":"2018-07-31T07:10:09","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=262077"},"modified":"2018-07-31T09:31:02","modified_gmt":"2018-07-31T07:31:02","slug":"this-is-the-average-take-home-pay-in-south-africa-right-now-5","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/finance\/262077\/this-is-the-average-take-home-pay-in-south-africa-right-now-5\/","title":{"rendered":"This is the average take-home pay in South Africa right now"},"content":{"rendered":"

Real-take home pay for June experienced its largest decline since early 2017 owing to rising inflation and the delay of annual salary adjustments and back-pay in the public sector – the leading employer in South Africa.<\/p>\n

This is according to the latest BankservAfrica Take-home Pay Index which measures wages that are transferred to employee bank accounts.<\/p>\n

BankservAfrica said that this drop is likely to have an impact on the economy with consumer spending expected to take a knock.<\/p>\n

“In current terms, salaries increased by 2% on a year-on-year basis but the inflationary increase of 4.6% over the same period saw real take-home pay actually decrease by 2.4%. This is the largest since January 2017,” said Shergeran Naidoo, head of Stakeholder Engagements at BankservAfrica.<\/p>\n

“This means that consumers will not have as much money to spend as they had in the year prior. And this will have a knock-on effect as the costs of the VAT increase and rising fuel prices bite into their budgets,” he said<\/p>\n

Naidoo added that the average take-home pay for the formal South African employed adult paid via the national payment system of South Africa was R14,302 in June in real terms and R13,593 in nominal terms<\/strong>.<\/p>\n

\"\"<\/a> \"\"<\/a> \"\"<\/a><\/p>\n

“The real-take home pay collapse in June is due to the three month delay in annual salary adjustments of the public sector,” said Mike Sch\u00fcssler, chief economist at Economistscoza.<\/p>\n

Sch\u00fcssler explained that the public sector wage increases backdated to April were only paid in July, impacting the level of real take-home pay. The public sector makes up about 30% of the BankservAfrica Take-home Pay Index.<\/p>\n

“Therefore, it is likely that consumer spending will fare better in July when government, being the largest employer in South Africa, makes these back payments,” said Sch\u00fcssler.<\/p>\n

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Read:\u00a0These 9 items could be included on the new zero-rated VAT list<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Real-take home pay for June experienced its largest decline since early 2017.<\/p>\n","protected":false},"author":10,"featured_media":236683,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11121],"tags":[12671,26],"class_list":["post-262077","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-bankserv-africa","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/262077","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=262077"}],"version-history":[{"count":6,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/262077\/revisions"}],"predecessor-version":[{"id":262107,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/262077\/revisions\/262107"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/236683"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=262077"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=262077"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=262077"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}