Take-home pay in South Africa has taken a knock as the economy sticks to survival mode.
The unexpected headline inflation increase in March, among other factors, led to take-home pay slipping marginally during the month, according to the latest BankservAfrica Take-home Pay Index .
The recent depreciation in the rand exchange rate and additional cost of production due to load shedding and related extra expenditure has clearly added an additional layer of costs to the economy. The local job market is still recovering from the heavy job losses incurred during the Covid-19 pandemic, which remains a challenge amid the low growth reality in South Africa. According to the March 2023 Quarterly Labour Force Survey, total employment stood at 15.9 million at the end of 2022, compared to the pre-Covid level of 16.4 million in Q4 2019.
During March, private pensions were also impacted by inflation, according to the BankservAfrica Private Pensions Index .
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