{"id":738737,"date":"2023-12-14T12:00:00","date_gmt":"2023-12-14T10:00:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=738737"},"modified":"2023-12-14T11:53:21","modified_gmt":"2023-12-14T09:53:21","slug":"this-is-how-much-you-need-to-earn-to-match-the-average-salary-in-south-africa","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/wealth\/738737\/this-is-how-much-you-need-to-earn-to-match-the-average-salary-in-south-africa\/","title":{"rendered":"This is how much you need to earn to match the average salary in South Africa"},"content":{"rendered":"\n

Stats SA has published the latest Quarterly Employment Survey results for the third quarter of the 2023\/24 financial year, ending September 2023.<\/p>\n\n\n\n

According to the statistics body, there was a small 0.9% increase in quarter-on-quarter average monthly earnings for employees in the formal non-agricultural sector, with earnings growing from R25,866 (revised) in May 2023 to R26,086 in August 2023<\/strong>.<\/p>\n\n\n\n

On a year-to-year basis, the average monthly earnings paid to employees in the formal non-agricultural sector saw growth of 4.7% \u2013 increasing from R24,916 in 2022.<\/p>\n\n\n\n

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

According to Stats SA, gross earnings paid to employees increased by R16.7 billion or 2.0% from R833.6 billion in June 2023 to R850.2 billion in September 2023.<\/p>\n\n\n\n

This was largely due to increases in the following industries: business services, community services, mining, manufacturing, electricity and construction. However, there were decreases in the following industries: transport and trade.<\/p>\n\n\n\n

The year-on-year gross earnings increased by R51.6 billion or 6.5% between September 2022 and September 2023.<\/p>\n\n\n\n

Basic salary\/wages paid to employees increased by R15.2 billion or 2.0% from R759 billion in June 2023 to R774.3 billion in September 2023. <\/p>\n\n\n\n

This was largely due to increases in the following industries: community services, business services, mining, manufacturing, transport, trade, construction and electricity.<\/p>\n\n\n\n

The year-on-year basic salary\/wages increased by R44.9 billion or 6.2% between September 2022 and September 2023.<\/p>\n\n\n\n

Bonus paid to employees increased by R1.8 billion or 3.7% from R49.2 billion in June 2023 to R51 billion in September 2023. <\/p>\n\n\n\n

This was largely due to increases in the following industries: business services and community services.<\/p>\n\n\n\n

However, there were decreases in the following industries: transport, trade, manufacturing, construction and electricity.<\/p>\n\n\n\n

The year-on-year bonus payments increased by R4.4 billion or 9.5% between September 2022 and September 2023.<\/p>\n\n\n\n

Overtime paid to employees decreased by R408 million or -1.6% from R25.4 billion in June 2023 to R25 billion in September 2023. <\/p>\n\n\n\n

This was largely due to decreases in the following industries: trade, manufacturing, community services, electricity and transport. However, business services and construction reported a quarterly increase.<\/p>\n\n\n\n

The year-on-year overtime payments increased by R2.2 billion or 9.7% between September 2022 and September 2023.<\/p>\n\n\n\n

Employment gains<\/strong><\/p>\n\n\n\n

Looking at the employment figures from the survey, total job increased by 31,000 or 0.3% quarter-on-quarter, from 10,145,000 in June 2023 to 10,176,000 in September 2023.<\/p>\n\n\n\n

Stats SA noted that this was largely due to increases in the following industries: community services (42,000 or 1.4%), trade (4,000 or 0.2%), transport (2,000 or 0.5%) and mining (2,000 or 0.4%). <\/p>\n\n\n\n

The electricity sector reported no change. <\/p>\n\n\n\n

However, there were decreases in the following industries: business services (-7,000 or -0.3%), manufacturing (-7,000 or -0.6%), and construction (-5,000 or -1.0%).<\/p>\n\n\n\n

The report shows that total employment increased by 256,000 or 2.6% year-on-year between September 2022 and September 2023.<\/p>\n\n\n\n

\"\"<\/a><\/figure>\n\n\n\n
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Read: These jobs have seen the biggest salary hikes in South Africa<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

The latest Quarterly Employment Survey reveals what the average non-agricultural formal worker in South Africa earns per month.<\/p>\n","protected":false},"author":10,"featured_media":711412,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9880],"tags":[26],"class_list":["post-738737","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-wealth","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/738737","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=738737"}],"version-history":[{"count":1,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/738737\/revisions"}],"predecessor-version":[{"id":738763,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/738737\/revisions\/738763"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/711412"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=738737"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=738737"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=738737"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}