South African Salaries Dip Amid Declining Confidence, Power Cuts
South African rand banknotes of Johannesburg, South Africa.
Photographer: Leon Sadiki/BloombergThis article is for subscribers only.
Average salaries in South Africa declined last month as rising inflation, low business confidence levels and rolling power cuts continued to weigh on the labor market, a BankservAfrica report showed.
The average nominal monthly salary measured in the BankservAfrica Take-home Pay Index slipped 2.7% to 14,457 rand ($785) in May from the year before, while take-home pay adjusted for inflation fell 8.8% to a record low.