South African pockets are emptier than usual
Take-home pay is under pressure, and South Africans are feeling the pinch.
BankservAfrica's latest Take-home Pay Index has revealed that South Africa's take-home pay levels declined dramatically in May and are expected to remain under pressure until July.
BankServAfrica said in a statement that the data suggests employees are carrying the burden of a shrinking economy, while private pensions are being used to bolster consumer spending. The average gross salary in May this year was R14,290 in current terms, while net take-home pay was R10,010.
Shergeran Naidoo, the Head of Stakeholder Engagements at BankservAfrica, said the decline leaves take-home pay in constant terms at the same level as in December 2013.