E Average Salaries In South Africa Now

Just like any other country around the world, South Africa was badly hit by the effects of COVID-19 and the social distancing lockdown measure. Many people lost their jobs, companies shut down, and employees got salary cuts. However, the situation is looking promising at the moment. 

According to statistics released by BankservAfrica Take-home Pay Index, in October this year, the salaries of employees increased year-on-year by 3%. They said that it is quite easy to actually determine the home pay of South Africans especially because the number of people still employed are fewer than before most of whom received the COVID-19 benefits that were released in September.

Photo by Tim Johnson on Unsplash

However, it was determined that the actual take-home salary of South Africans in October 2020 was R14,773 at nominal value. Which was a representation of a 5% change for each month from September. Despite that, on an annual level, the salaries paid to South African employers have continued to reduce.

According to the statistics provided, between October last year and this year, there has been a 10.4% decline. And this is more serious than what the information in September indicated. However, July recorded the highest decline at 34%, according to Naidoo. In practice, this greatly contributed to inflation in the country.

The effects of COVID-19

As reported by the BankservAfrica Take-home Pay Index, the employees who received salaries of R30,000 and below were the ones that were most affected during the coronavirus pandemic. They indicated that daily and weekly workers got hit first at the beginning of the coronavirus lockdown, with their salaries significantly dropping. Mike Schüssler said that this is the same thing that happened in countries around the world where lower-income earners were affected the most. 

As compared to the salaries of employees in the month of April, June and July recorded the lowest levels of salary declines. The reason for this was because employment figures delayed economic activities for over a month and employee payments were also very slow. In addition to this, payrolls were already set for just one or two months. Schüssler noted that although April recorded the worst economic figures, July had the worst salary figures, which was just a three month time period. The salaries of South Africans were not the only sector that took a hit as a result of the coronavirus pandemic and the social distancing measures. The financial market and forex trading in South Africa was badly hit as well. When you read this IQ Option SA forex broker review, you will realize that many traders and brokers alike suffered some sort of challenge during this period. However, it also states that those who knew nothing about forex trading developed an interest in forex trading during the COVID-19 period in search of a source of secondary income.

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William K. 1 month ago Member's comment

Thanks for an educational article. Clearly this plague is hurting the whole world, not just us.

That is a clear example of just how much damage an incompetent bunch of local politicians can cause. If the mechanism i place in China had been used the plague may have been kept in a small area and not spread around the whole world.

Dan Richards 1 month ago Member's comment

Who cares?