{"id":570728,"date":"2022-03-23T12:39:45","date_gmt":"2022-03-23T10:39:45","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=570728"},"modified":"2022-03-23T12:39:45","modified_gmt":"2022-03-23T10:39:45","slug":"the-average-take-home-pay-in-south-africa-right-now-10","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/finance\/570728\/the-average-take-home-pay-in-south-africa-right-now-10\/","title":{"rendered":"The average take-home pay in South Africa right now"},"content":{"rendered":"

The average real take-home salary for February 2022 decreased by 4.1% as the share of casual and weekly workers in the BankservAfrica database continued to climb after the massive 2020\/21 Covid-19 pandemic shock.<\/p>\n

The BankservAfrica Take-home Pay Index (BTPI) shows the average salary for February was R15,517<\/strong> on a seasonally adjusted basis in real terms. This is in line with the revised BTPI base, adapted to the CPI in December 2021.<\/p>\n

The nominal average take-home pay was 1.3% up and reached R16,022<\/strong> in February 2022.<\/p>\n

“While the BTPI focuses more on the average salary, it makes sense to point out that after the double-digit declines in the casual and weekly wage data estimates for a long period, both these salary bands have now had double-digit growth on a year-on-year basis,” BankservAfrica said.<\/p>\n

“Thus, the actual decline in the average real take-home pay signals a return to work for the more vulnerable groups of lower-paid employees.”<\/p>\n

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BankservAfrica expects inflation will stay elevated at over 5% – even over 6% – for several months. This may mean that take-home salaries will face more than only a few months of declines for a lengthy period, like closer to a year.<\/p>\n

“The current war between Ukraine and Russia has also impacted major commodity prices – from oil to wheat prices – which will impact inflation in South Africa and globally. As most salary agreements are done retrospectively, take-home pay will take a while to catch up to these developments.”<\/p>\n

Owing to the higher inflation rate and the Russian war in Ukraine \u2013 which has led to soaring oil prices – many are expecting the South African Reserve Bank to hike interest rates at tomorrow\u2019s MPC meeting.<\/p>\n

“Although household borrowing among South Africans has eased to below the inflation rate, the hike could lead to higher mortgage repayments,” it said.<\/p>\n

Together with the escalating food prices and rising fuel costs, this could put South African salaries under even more pressure, the group said. While the average take-home pay decreased, the overall take-home totals paid into all the bank accounts of employees increased by 0.6%.<\/p>\n

“February 2022 was the first time since September 2019 that the total monthly equivalent payments increased to over 4 million again. While this data is very volatile in our database, it tells us that most (probably not all) of the employment from the Covid-19 shock has recovered,” BankservAfrica said.<\/p>\n

\n

Read: Tax hikes are looming for South Africa<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

The average real take-home salary for February 2022 decreased by 4.1% as the share of casual and weekly workers in the BankservAfrica database continued to climb after the massive 2020\/21 Covid-19 pandemic shock.<\/p>\n","protected":false},"author":10,"featured_media":514446,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11121],"tags":[12671,26],"class_list":["post-570728","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\/570728","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=570728"}],"version-history":[{"count":5,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/570728\/revisions"}],"predecessor-version":[{"id":570744,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/570728\/revisions\/570744"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/514446"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=570728"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=570728"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=570728"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}