The average real take-home salary for February 2022 decreased by 4.1% as the share of casual and weekly workers in the BankservAfrica database continued to climb after the massive 2020/21 Covid-19 pandemic shock.
on a seasonally adjusted basis in real terms. This is in line with the revised BTPI base, adapted to the CPI in December 2021.“While the BTPI focuses more on the average salary, it makes sense to point out that after the double-digit declines in the casual and weekly wage data estimates for a long period, both these salary bands have now had double-digit growth on a year-on-year basis,” BankservAfrica said.
BankservAfrica expects inflation will stay elevated at over 5% – even over 6% – for several months. This may mean that take-home salaries will face more than only a few months of declines for a lengthy period, like closer to a year. Owing to the higher inflation rate and the Russian war in Ukraine – which has led to soaring oil prices – many are expecting the South African Reserve Bank to hike interest rates at tomorrow’s MPC meeting.
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