South African salary earners have taken a slight hit, but there are some signals that things are about to get better.
Take-home pay in South Africa declined in March 2024 – but with inflation expected to moderate, there is hope that workers will soon start to see real pay increases in the near future.
Independent economist Elize Kruger said that if this trend continues, 2024 could be a better year for salaries as the business environment improves, unlike the last two years, where employers struggled to pay inflation-related increases due to economic challenges. A new trend, noticeable in the mining industry, is for companies to enter into longer-term wage agreements, largely with above-inflation outcomes for salary earners.headline CPI expected to moderate to 5.3% in 2024 and 4.8% in 2025, workers are set to see real increases“Inflation has turned out to be quite sticky on the downward path, locally and globally, driven mostly by higher services and administered price inflation,” said Kruger.
With lower interest rates, spending ability and confidence levels in financially stressed households should improve.
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