According to the BankservAfrica Take-home Pay Index salary data for December, about two million more salary payments were made than in the prior year.from R14,925 in November 2021. Real take-home pay was up 1.6% at an average ofYear on year, however, in nominal terms, take-home pay remains unchanged. In real terms – factoring in inflation – South African workers are poorer than a year ago, with take-home pay declining 5.2%, the index shows.
Mike Schüssler, chief economist at economists.co.za, said that during the Covid-19 crisis, the decline in the number of casual workers mirrored the double-digit decline in the number of weekly wages paid. These December numbers have led to a higher average take-home pay figure. However, the 5.9% inflation increase in December – the highest in nearly five years – led to a 5.2% annual decline in the average real take-home pay.
The November Municipal Election payments and the usual year-end bonus pay-outs saw the total take-home pay paid via BankservAfrica reach an astronomical R72.2 billion in December. This is by far the highest nominal number in the history of the take-home pay that BankservAfrica has ever recorded.
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