Good news for the economy<\/strong><\/p>\nA 13% growth in the number of payments made to casual workers for the second consecutive month and the 5% year-on-year increase in weekly payments, shows that workers in these categories contributed to the higher salary numbers, said Shergeran Naidoo, BankservAfrica\u2019s head of stakeholder engagements.<\/p>\n
The part-time election officials overseeing the Municipal elections in November 2021 \u2013 and compensated in December 2021 \u2013 may have been another contributor, he said.<\/p>\n
Mike Sch\u00fcssler, chief economist at economists.co.za, said that during the Covid-19 crisis, the decline in the number of casual workers mirrored the double-digit decline in the number of weekly wages paid.<\/p>\n
“Weekly and casual payments showed the worst declines for far longer – the estimated daily payments weakened by double digits on 14 occasions in the last 25 months.”<\/p>\n
These December numbers have led to a higher average take-home pay figure. However, the 5.9% inflation increase in December \u2013 the highest in nearly five years \u2013 led to a 5.2% annual decline in the average real take-home pay.<\/p>\n
The real (after inflation) take-home pay for December was R12,463 compared to R12,299 in November, BankservAfrica said.<\/p>\n
The November Municipal Election payments and the usual year-end bonus pay-outs saw the total take-home pay paid via BankservAfrica reach an astronomical R72.2 billion in December. This is by far the highest nominal number in the history of the take-home pay that BankservAfrica has ever recorded.<\/p>\n
In real terms, the total take-home pay paid to employees was still below the December 2017 and 2018 levels but above December 2019 and 6.2% above December 2020. December 2021 was a more normal December with casual payments increasing closer to the numbers seen in December 2018.<\/p>\n
\u201cWe hope that the next months will confirm the return of lower-paid employees who were challenged the most during the pandemic. If that trend holds, it will indicate that the employment impact from the pandemic is receding,\u201d Sch\u00fcssler said.<\/p>\n
Record for the rich<\/strong><\/p>\nDecember also recorded the highest number of people paid salaries exceeding R100,000 – over 27,700 individuals. This is up by 16.6% on December 2020\u2019s figures.<\/p>\n
The over R100,000 total amount paid was R7.3 billion, which was also the highest on record.<\/p>\n
The high numbers in the run-up to December show that some of these payments were for the usual top-end bonuses in December while some were made to new pensioners. However, some of these may have also been pay-outs to those retrenched from large companies in sectors that were hit the hardest by Covid-19, BankservAfrica said.<\/p>\n
\nRead: The cars you can afford with your salary in South Africa in 2022<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"The usual holiday cheer and festivities made a comeback over December 2021 as the latest take-home pay data from BankservAfrica shows more part-time and temporary workers were employed compared to December 2020.<\/p>\n","protected":false},"author":10,"featured_media":451706,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11121],"tags":[1976,26],"class_list":["post-553360","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-bankservafrica","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/553360","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=553360"}],"version-history":[{"count":3,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/553360\/revisions"}],"predecessor-version":[{"id":553380,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/553360\/revisions\/553380"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/451706"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=553360"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=553360"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=553360"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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