{"id":792423,"date":"2024-09-26T11:42:33","date_gmt":"2024-09-26T09:42:33","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=792423"},"modified":"2024-09-26T11:42:39","modified_gmt":"2024-09-26T09:42:39","slug":"this-is-the-average-salary-in-south-africa-right-now-12","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/wealth\/792423\/this-is-the-average-salary-in-south-africa-right-now-12\/","title":{"rendered":"This is the average salary in South Africa right now"},"content":{"rendered":"\n

Stats SA has published the latest Quarterly Employment Statistics for the second quarter of the year\u2014ending June\u2014showing a moderate jump in earnings.<\/p>\n\n\n\n

The average monthly earnings for the non-agricultural formal sector amounted to R27,450 in Q2<\/strong>, up from R26,783 in the first quarter, representing a quarter-on-quarter increase of 2.5%.<\/p>\n\n\n\n

Year on year, the AME was up 4.8% from R26,202 in May 2023.<\/p>\n\n\n\n

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

Average earnings were different across various sectors.<\/p>\n\n\n\n

Even though there was an overall increase in AME, the electricity industry saw a decline in average earnings in the same period of around 0.5% year-on-year.<\/p>\n\n\n\n

Year-on-year business services industry reported the largest annual increase of 7.5%, whilst community
services industry showed the lowest increase of 2.3%.<\/p>\n\n\n\n

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

Overall, gross earnings paid to employees decreased by R4.6 billion or -0.5% from R957 billion in March 2024 to R952.4 billion in June 2024. <\/p>\n\n\n\n

This was due to decreases in business services and electricity industries.<\/p>\n\n\n\n

However, increases were reported by community services, trade, construction, transport, manufacturing, and mining.<\/p>\n\n\n\n

Year-on-year gross earnings increased by R35.4 billion or 3.9% between June 2023 and June 2024.<\/p>\n\n\n\n

Basic salary\/wages paid to employees increased by R21.8 billion or 2.6% over the quarter, bonuses paid to employees decreased by R27.5 billion or -34%, and overtime paid to employees increased by R1.2 billion or 4.2%.<\/p>\n\n\n\n

Take-home pay<\/strong><\/p>\n\n\n\n

While the average formal salary in the country has shown moderate gains, take-home pay (after tax) is improving in greater measure.<\/p>\n\n\n\n

The BankservAfrica Take-home Pay Index (BTPI), which tracks the average nominal take-home pay among an estimated 4 million salary earners in South Africa, improved for the fifth month in August.<\/p>\n\n\n\n

Average nominal take-home pay reached R16,582, showing a 6.7% increase compared to a year ago. <\/p>\n\n\n\n

In real terms, take-home pay also tracked higher at R14,520 in August 2024 or 1.9% up on a year ago levels.<\/p>\n\n\n\n

Take-home pay has been surprising on the upside in 2024, reflecting improving economic fundamentals in South Africa.<\/p>\n\n\n\n

South Africa has not only seen load shedding being suspended for nearly six months but also a notable moderation in inflation, a new political landscape and the first interest rate cut since March 2020.<\/p>\n\n\n\n

There are also firm indications that the Government of National Unity (GNU) will focus on speeding up structural reforms to address obstacles to growth and job creation.<\/p>\n\n\n\n

A comparison over the first eight months of 2024 to the corresponding period shows a 6.6% increase.<\/p>\n\n\n\n

In real terms, there was also an increase of 1.3%.<\/p>\n\n\n\n

\u201cThese numbers suggest 2024 will likely be the best year for salaries since 2020  \u2013 or the first year in which the increase in average nominal take-home pay beats inflation since 2020,\u201d said Elize Kruger, Independent Economist.  <\/p>\n\n\n\n

\u201cThis improvement in purchasing power will go some way to provide much-needed relief to cash-strapped households and could provide support for consumer spending.\u201d<\/p>\n\n\n\n

\n\n\n\n

Read: New bank coming to South Africa early next year<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Formal salaries in South Africa saw a moderate jump in the second quarter of the year, keeping in line with inflation year-on-year.<\/p>\n","protected":false},"author":10,"featured_media":784974,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9880],"tags":[26],"class_list":["post-792423","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\/792423","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=792423"}],"version-history":[{"count":1,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/792423\/revisions"}],"predecessor-version":[{"id":792438,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/792423\/revisions\/792438"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/784974"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=792423"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=792423"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=792423"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}