2023 could be a better year for employment and remuneration in South Africa compared to 2022.
According to the latest BankservAfrica Take-home Pay Index for September, nominal take-home showed monthly and annual growth for the third month in a row.
“While the ability for companies to pay inflation-related salary increases was hampered in the past 18 months, especially by a rising operating cost environment, industries have generally become more resilient to the effects of load shedding,” said Elize Kruger, Independent Economist. Although fuel prices are expected to decline sharply in November, headline inflation is expected to stay between 5.0% and 5.7% for the next year.Consumer inflation is, however, expected to decline from 6.9% in 2022 to 6.0% in 2023, with further moderation to 5.3% in 2024.
This can build on the 39,000 jobs that were created in the non-agricultural formal sector in Q2 as per Stats SA’s Quarterly Employment Survey and the 154,000 more people employed in the formal, informal, agricultural and household sectors in the statistics body’s Labour Force Survey.
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