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'Fewer people employed than a year ago, but formal salaries are recovering fast'

28 April 2021 9:12 PM
Tags:
Employment
The Money Show
Bruce Whitfield
Mike Schussler
Job losses
BankservAfrica
take-home pay
average salaries
Lockdown
COVID-19

A BankservAfrica study shows there's been enough economic recovery for salaries and wages to return to pre-Covid levels.

Unemployment soared to record levels in 2020 as the Covid-19 pandemic sowed jobs devastation.

Now a BankservAfrica study indicates there's been enough of an economic recovery for salaries and wages to start returning to pre-Covid levels.

The average level of take-home pay has returned to that before the hard lockdown, although there are fewer people employed now than a year ago.

© katiemartynova/123rf.com

The number of employees in the broader payment system of formal employers from larger companies is in a better state after the economy’s reopening, the research finds.

"South Africa’s real take-home pay increased by just 0.7% in March 2021, with the average salary reaching R15,092 in nominal terms and R12,749 in real terms."

Bruce Whitfield gets more clarity from researcher Mike Schussler, chief economist at Economists.co.za.

First of all, those that got their jobs back get monthly salaries and weekly salaries. They, in general, earn more than the people who are more daily or casual... who haven't got their jobs back.

Mike Schussler, Chief economist - Economists.co.za

The lower-paid (daily or casual) earners lost their jobs, but the higher-paid earners basically have got their jobs back, or most of them.

Mike Schussler, Chief economist - Economists.co.za

Therefore salaries have improved with 0.7% in real terms, and we've seen the overall take-home pay increase.

Mike Schussler, Chief economist - Economists.co.za

We do know that we are mainly looking at larger companies and the government. We know that government added jobs in the third and fourth quarter last year.

Mike Schussler, Chief economist - Economists.co.za

We know the private sector isn't fully back, but we also know that the people that have got hurt are more at the bottom of the pyramid than at the middle or at the top.

Mike Schussler, Chief economist - Economists.co.za

Find the full report here and listen to the interview below for more detail from Schussler:


This article first appeared on CapeTalk : 'Fewer people employed than a year ago, but formal salaries are recovering fast'




28 April 2021 9:12 PM
Tags:
Employment
The Money Show
Bruce Whitfield
Mike Schussler
Job losses
BankservAfrica
take-home pay
average salaries
Lockdown
COVID-19

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