At a time when many employers cannot necessarily afford high salary increases, more bosses are opting to assist their employees in other ways, such as giving them earlier access to their salaries, granting soft loans, or allowing them to lower contributions to their retirement funds, just so they can make ends meet.
“We’re seeing more employers giving employees early access to their salaries – known as earned wage access – where workers get paid more frequently than once a month to help them manage their finances more effectively,” she added.“Earned wage access allows employees to access their pay as it’s earned, enabling them to manage their cash flow without resorting to expensive debt.
The survey is conducted biannually in April and October and tracks the general market salary movements for the various categories of staff. Fifty-five employers from the government and private sectors, employing more than 400 000 people, participated in the survey.Executives had salary increases of an average of 5.66% – slightly below the 5.92% recorded in April 2023;General staff’s increases dropped from 6.13% in 2023 to 6.04% this year.
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