Take-home pay in South Africa fell by 6.7% in May 2022, new data from BankservAfrica shows.
Rising inflation hits while salary numbers return to 2019 levels South Africa’s salaries reflected one of the biggest annual falls on record in May 2022, the latest BankservAfrica Take-home Pay Index shows.
After adjusting for weekly workers, the BankservAfrica data indicates that almost 98,738 more salaries were paid in May 2022 compared to April 2022, and also a notable 10.6% more than one year earlier. “In general, the removal of the last restrictions should provide welcome support to the local economy and foster a further recovery in employment opportunities,” said Kruger.
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