Tide is slowly turning for distressed SA household finances

Jul 29, 2024

2024 could be the first year since 2020 in which the increase in average nominal take-home pay beats inflation

​2024 could be the first year since 2020 in which the increase in average nominal take-home pay beats inflation   

SA salaries and wages increased at a slower rate than inflation in 2022 and 2023, leaving households worse off and able to afford less with the money they were earning. But some recent economic data releases suggest an increase in household buying power may be on the cards in 2024.

According to BankservAfrica’s take-home pay index for June, which was released on Wednesday, the average nominal take-home pay for 4-million salary earners surveyed was up 6% year on year. In real terms, salaries adjusted for inflation was up 0.7% on year-ago levels…

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