BankservAfrica said on Wednesday that average take-home pay in South Africa reached a record level in September.
Helped by declining inflation, falling fuel prices and lower interest rates, the average salary surpassed R17 000 in September, the highest level since the inception of the BankservAfrica Take-home Pay series.
Real take-home pay has risen by 2.2% in the first nine months of 2024 compared to the full-year average in 2023. In nominal terms, this has climbed by 6.3%, Naidoo said. The nominal increase in average monthly earnings in the formal non-agricultural sector, including overtime and bonuses, was 4.7% in the first half, per Stats SA. However, notable differences are evident, said BankservAfrica. “The transport and finance sectors recorded the highest increases in the first six months of 2024, unlike community and social services and manufacturing .
South African Retailers Bankservafrica
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