{"id":762043,"date":"2024-03-20T12:17:29","date_gmt":"2024-03-20T10:17:29","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=762043"},"modified":"2024-03-20T12:18:15","modified_gmt":"2024-03-20T10:18:15","slug":"this-is-the-average-take-home-pay-in-south-africa-right-now-29","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/finance\/762043\/this-is-the-average-take-home-pay-in-south-africa-right-now-29\/","title":{"rendered":"This is the average take-home pay in South Africa right now"},"content":{"rendered":"\n

Although the monthly BankservAfrica Take-home Pay Index (BTPI) saw another month of growth in February, it was down in real terms from a year ago. <\/p>\n\n\n\n

Amidst the improved operating environment, companies increased their employees’ average salaries over the last three months. <\/p>\n\n\n\n

\u201cThe average nominal take-home pay reached R16,085<\/strong>, which was 4.6% growth on a year-ago and also 2.5% up on January\u2019s R15,692,\u201d said Shergeran Naidoo, BankservAfrica\u2019s Head of Stakeholder Engagements.<\/p>\n\n\n\n

\u201cIn real-terms, the monthly take-home pay tracked higher at R14,354 <\/strong>in February 2024, slightly below year-on-year levels.\u201d<\/p>\n\n\n

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This year’s business environment is expected to improve following two years characterised by persistent economic challenges, which significantly impacted companies and their ability to pay inflation-related increases. <\/p>\n\n\n\n

\u201cWhile it is still early days, the BankservAfrica data signals 2024 could be a better year for salaries,\u201d said Elize Kruger, Independent Economist.<\/p>\n\n\n\n

Although mediocre economic growth is forecast for 2024, it should still be better than 0.6% in 2023. <\/p>\n\n\n\n

However, this growth depends on reduced inflation, moderate inflation, and interest rate cuts. <\/p>\n\n\n\n

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Inflation blow for South Africa – bad news for interest rates<\/a><\/blockquote>