BankservAfrica publish nominal and real takehome pay and private pensions indices. Curiously, nominal takehome pay growth has been very low: averaging only 1.2% in 2023, or 2.5% on average since 2018. The pension indicator grew at 6.8% in 2023 and 7.6% on average since 2018, on the other hand. This implies that takehome pay growth has been negative on average since late 2021. By comparison, compensation of employees estimates from Statistics South African grew by 5.6% in 2023. It is also worth pointing out that the series have been prone to large directional revisions.
Footnote
The revised figures are taken from published reports so likely will not exactly match the most recent ex-post figures from BankServ.
