What is the average gross salary in South Africa right now?
Stats SA has released its latest data on average monthly earnings in South Africa as well as total employment figures.
Statistics South Africa has published its latest Quarterly Employment Statistics report for the fourth quarter of the 2023/24 financial year. The report includes data on the average salary with quarterly and annual comparisons.
Between September 2023 and December 2023, total employment in the Republic decreased by 10 899 000 to 10 705 000. This was due to decreases in the following industries:
Community services: -6.8%
Construction: -3.1%
Business Services: -0.5%
Manufacturing: -0.5%
Mining: -0.2%
There were however increases in trade (2.4%), transport (0.4%) and electricity (1.6%).
THE AVERAGE SALARY IN SOUTH AFRICA
The statistics body has revealed that the average monthly salary in South Africa is R26 894. This increased by 1.6% between August 2023 to November 2023.
The year-on-year increase in average monthly salaries was 2.3%.
WHEN COMPARED TO INFLATION
In January 2024, the annual inflation rate for goods was 6.6%, up from 6.4% in December 2023. For services, inflation was 4.0%, up from 3,8% in December 2023.
CRUNCHING THE EMPLOYMENT NUMBERS
Between December 2022 and December 2023, total employment has increased by 98,000 (0.9%).
This growth was driven by a 0.1% increase in full-time employment, representing an additional 12,000 jobs, and a 7.6% increase in part-time employment, accounting for an additional 86,000 jobs.
Between September 2023 to December 2023, full-time employment decreased by 5,000, or 0.1%. This was due to declines in the construction industry, manufacturing, community services, business services and mining, but increases in trade, transport and electricity.
Part-time employment decreased by 189,000 or 13.5% for the same period, mainly in community services, business services, construction, and transport, but increased in trade and manufacturing.
BONUSES AND OVERTIME
The stats for bonuses year-on-year don’t make for good reading, with a 4.5% decrease between December 2022 and December 2023
Overtime payments however are a little more encouraging, with a 14.5% year-on-year increase between December 2022 and December 2023.