{"id":55508,"date":"2023-10-25T17:39:55","date_gmt":"2023-10-25T17:39:55","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/good-news-for-take-home-pay-in-south-africa"},"modified":"2023-10-25T18:14:56","modified_gmt":"2023-10-25T18:14:56","slug":"good-news-for-take-home-pay-in-south-africa","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/good-news-for-take-home-pay-in-south-africa","title":{"rendered":"Good news for take-home pay in South Africa"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; South-Africa. <\/strong><\/span>Nominal take-home pay has grown as the operating conditions for the private sector improved.<\/p>\n<p>According to the latest BankservAfrica Take-home Pay Index (BTPI) for September, nominal take-home showed monthly and annual growth for the third month in a row.<\/p>\n<p>\u201cThe nominal take-home pay of R15,673 in September was a marginal growth on the R15,605 recorded in August and 4.1% higher than the R15,056 in September 2022,\u201d said Shergeran Naidoo, BankservAfrica\u2019s Head of Stakeholder Engagements.<\/p>\n<p>The BTPI improved by 6.8% from the R14,623 in Q2 and the R15,610 in Q3, indicating that 2023 could be a better year for salaries than 2022.<\/p>\n<p>\u201cWhile the ability for companies to pay inflation-related salary increases was hampered in the past 18 months, especially by a rising operating cost environment, industries have generally become more resilient to the effects of load shedding,\u201d said Elize Kruger, Independent Economist.<\/p>\n<p>\u201cIf sustained, the somewhat better conditions in the private sector could provide better employment and remuneration prospects in the coming months.\u201d<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"434\" class=\"alignnone wp-image-55502 size-full\" src=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/10\/sm_1698245003.248557.jpg\" srcset=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/10\/sm_1698245003.248557.jpg 1024w, https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/10\/sm_1698245003.248557-300x127.jpg 300w, https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/10\/sm_1698245003.248557-768x326.jpg 768w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p>In somewhat negative news, the average real take-home pay dropped after two months of growth \u2013 declining from R14,278 in August to R14,239 and dropping 0.8% compared to the previous year.<\/p>\n<p>The slight drop was due to headline inflation rising sharply from 4.8% in August to 5.4% in September, driven by higher fuel prices.<\/p>\n<p>Although fuel prices are expected to decline sharply in November, headline inflation is expected to stay between 5.0% and 5.7% for the next year.<\/p>\n<p>Consumer inflation is, however, expected to decline from 6.9% in 2022 to 6.0% in 2023, with further moderation to 5.3% in 2024.<\/p>\n<p>BankservAfrica said that interest rates have likely plateaued but noted that they could remain elevated for a while due to the upside inflation risks due to Rand\u2019s weakness and higher fuel prices.<\/p>\n<p>\u201cWith household finances already under severe pressure, this scenario remains negative for the spending ability and confidence levels of consumers,\u201d said Kruger.<\/p>\n<p>In another boost, data on weekly payments shows a slight pick up in the job market in Q3.<\/p>\n<p>The BankservAfrica sample \u2013 representing roughly 25% of the labour market, saw 75,000 more salaries paid over the quarter.<\/p>\n<p>This can build on the 39,000 jobs that were created in the non-agricultural formal sector in Q2 as per Stats SA\u2019s Quarterly Employment Survey and the 154,000 more people employed in the formal, informal, agricultural and household sectors in the statistics body\u2019s Labour Force Survey.<\/p>\n<p>\u201cWhile each new job opportunity should be celebrated, the stark reality is that South Africa\u2019s population growth far exceeds its economic or job growths over the past number of years. As such, the unemployment rate remains stubbornly high (32.6% in Q2),\u201d said Kruger.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" width=\"772\" height=\"481\" class=\"alignnone wp-image-55504 size-full\" src=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/10\/sm_1698245018.165795.jpg\" srcset=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/10\/sm_1698245018.165795.jpg 772w, https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/10\/sm_1698245018.165795-300x187.jpg 300w, https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/10\/sm_1698245018.165795-768x479.jpg 768w\" sizes=\"auto, (max-width: 772px) 100vw, 772px\" \/><\/p>\n<p>The BankservAfrica Private Pensions Index (BPPI) dropped slightly in nominal and real terms in both August and September, but it remains in positive territory on an annual basis.<\/p>\n<p>\u201cThe average nominal private pension fell marginally to R10 758 in September compared to the previous month\u2019s R10 780. It remains a healthy 8.7% higher than one year earlier,\u201d said Naidoo.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" width=\"774\" height=\"529\" class=\"alignnone wp-image-55505 size-full\" src=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/10\/sm_1698245033.473866.jpg\" srcset=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/10\/sm_1698245033.473866.jpg 774w, https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/10\/sm_1698245033.473866-300x205.jpg 300w, https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/10\/sm_1698245033.473866-768x525.jpg 768w, https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/10\/sm_1698245033.473866-218x150.jpg 218w\" sizes=\"auto, (max-width: 774px) 100vw, 774px\" \/><\/p>\n<p><b>source:businesstech<\/b><\/p>\n<p><strong>For More News And Analysis About <a href=\"https:\/\/www.africa-press.net\/south-africa\">South-Africa<\/a> Follow <a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; South-Africa. Nominal take-home pay has grown as the operating conditions for the private sector improved. According to the latest BankservAfrica Take-home Pay Index (BTPI) for September, nominal take-home showed monthly and annual growth for the third month in a row. \u201cThe nominal take-home pay of R15,673 in September was a marginal growth on [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":55506,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,6],"tags":[274,315,275],"class_list":["post-55508","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-files","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Good news for take-home pay in South Africa - South Africa<\/title>\n<meta name=\"description\" content=\"Nominal take-home pay has grown as the operating conditions for the private sector improved. 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