Up to a fifth of employees in the private sector did not receive a salary in June according to BankservAfrica.
South Africans’ wallets are feeling the brunt of the Covid-19 pandemic as monthly take-home pay in June 2020 crashed 20.7% from where it was a year ago.
Though the drop was steep, BankservAfrica cautioned that while the salary data couldn’t be used as a measure of the unemployment rate, it could, “in this very unusual time,” nevertheless be a useful indicator of employment on the ground through the number of salaries paid.
“Real pensions could be declining as a result of the interest rate falls and as other assets have also struggled.” “This could have been the result of instances where salaries may have increased or that the personal income tax provided relief above the current inflation rate,” BankservAfrica said.“As the average tax relief is over 5.1%, an increase of 4% in gross salaries on average would have resulted in a 4.2% increase due to this reduction in income tax. Therefore, the 1.7% increase is extremely low.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
What these three photos can tell us about 16 June 1976 | ArtsStudying images from the student uprisings of 1976, amidst all of the loss of black life today, and during the worldwide protests, leaves one with a sense of defeat, if not exhaustion. The timeline, from then to now, tells of the precarious loop that is black life, death always hovering, to befall at any moment.
Read more »
Inflation edges higher in JuneStats SA said the monthly increase in inflation was 0.5% in June, with fuel prices still a dominant feature in the changes recorded
Read more »
Take-home pay plunges in June due to Covid-19The latest BankservAfrica take-home index shows employees are receiving lower salaries and fewer employees are getting paid
Read more »
Inflation edges higher in JuneStats SA said the monthly increase in inflation was 0.5% in June, with fuel prices still a dominant feature in the changes recorded
Read more »