{"id":712958,"date":"2023-08-23T10:14:59","date_gmt":"2023-08-23T08:14:59","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=712958"},"modified":"2023-08-23T10:15:39","modified_gmt":"2023-08-23T08:15:39","slug":"great-news-for-take-home-pay-in-south-africa","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/finance\/712958\/great-news-for-take-home-pay-in-south-africa\/","title":{"rendered":"Great news for take-home pay in South Africa"},"content":{"rendered":"\n

The average take-home pay in South Africa – as measured by the BankservAfrica Take-home Pay Index (BTPI) – grew substantially in July, which should provide some relief to South African income earners amidst the challenging economic environment. <\/p>\n\n\n\n

\u201cThe average nominal take-home pay in July was R15,503, notably higher than the R14,169 in June and R14,509 in July 2022<\/strong>,\u201d said Shergeran Naidoo, BankservAfrica\u2019s Head of Stakeholder Engagements.<\/p>\n\n\n\n

The improvements come amidst a challenging time for the South African economy, including seemingly never-ending load shedding, high-interest rates, a difficult job market and extremely low confidence levels among businesses. <\/p>\n\n\n\n

However, it appears that many industries have become far more resilient to load shedding, which has led to an underlying positivity in recent months. <\/p>\n\n\n\n

The average take-home pay grew out of its prolonged slump, increasing by 1.2% year-on-year to show the first positive growth since September 2021. <\/p>\n\n\n

\n
\"\"<\/a><\/figure><\/div>\n\n\n

In real terms, the average BTPI grew 6.1% from R13,514 in June to R14,344 in July. <\/p>\n\n\n\n

This positive change in salaries driven by the moderation in consumer inflation is seen as a glimmer of hope by Elize Kruger, an independent economist. <\/p>\n\n\n\n

Warning signs <\/strong><\/p>\n\n\n\n

That said, Kruger warned that this may not be a sustainable trend. <\/p>\n\n\n\n

\u201cThe renewed pressure on fuel prices has surfaced again, and the depreciation of the rand exchange rate will add to the cost of imported products, pushing inflation higher,\u201d she Kruger.<\/p>\n\n\n\n

Consumers have had some relief, with consumer headline inflation dropping from 7.1% in March to 5.4% in June, which helped to strengthen household purchasing power. <\/p>\n\n\n\n

However, September could see a sizeable fuel increase in the cards, which could push headline inflation towards 6%, <\/p>\n\n\n\n

\n
Brace for petrol price pain in September, experts warn<\/a><\/blockquote>