Salaries in South Africa have taken another knock, as inflation and low confidence levels continue to eat away at disposable income.
Continuing economic woes, higher inflation and low confidence levels have led to another monthly decline for salaries in May 2023, according to the latest BankservAfrica Take-home Pay index ., remaining 2.7% below the level recorded a year ago.
This has come through better-than-expected economic data releases from the mining and manufacturing sectors, he said. The RMB/BER Business Confidence Index declined for a fifth consecutive quarter to reach the lowest confidence level since 2020. While the consumer price inflation cycle most likely reached an upper turning point at 7.8% year-on-year in July 2022, the downward trend has been disappointingly slow.
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