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Fin24 reports that the average South African salary in May grew just above the estimated rate of inflation, according to the BankservAfrica Disposable Salary (BDSI) data released on Wednesday.
According to the index, the average disposable salary grew 6.7% year-on-year, compared with the 7.3% y/y growth recorded for April 2016. BankservAfrica’s data show that the average take-home salary in May was R13,142, which is slightly above April’s average of R12,877. “The higher monthly average trend is likely to continue, in line with the anticipated public sector wage increases,” said economist Mike Schüssler. As regards median salaries, 50% of individuals with monthly take-home salaries paid into their bank accounts received at least R9,679 in May. Banked pensions grew by 7.2%, the slowest year-on-year increase since January 2016, according to the BankservAfrica Private Pensions Index (BPPI).
- Read this report in full at Fin24
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