GOOD news for South African average monthly salaries in 2024

South African average monthly salaries in 2024 have been increasing, according to StatsSA’s latest Quarterly Employment Statistics (QES), reports IOL. However, many low- and middle-income residents are still struggling to make ends meet in 2024, while many rely on SASSA government grants as their only source of income.

Nevertheless, for those who are employed (more than 40% of the able workforce isn’t), there is some good news for South African average monthly salaries in 2024. According to the latest figures, the average monthly salary (in June 2024) increased to R27 450. This represents a 2.5% increase over R26 783 last calculated back in March 2024.

SOUTH AFRICAN AVERAGE MONTHLY SALARIES

Whether ironically or purely coincidentally, the year-on-year average monthly earnings increase (May 2023 to May 2024) is 4.8%. This happens to be the exact amount South African Social Security Agency grants increased over a full year. While not keeping pace with consumer inflation, it’s somewhat comforting to find parity between SASSA grant beneficiaries and income earners.

StatsSA confirms that R21.8 billion extra was paid to employees in the last quarter. R848 billion up to R869.7 billion. Community services, business services, trade, manufacturing, transport, construction and mining saw the biggest salary improvements. And year-on-year (June 2023 to June 2024) basic salaries have increased by R36.8 billion. Meanwhile, employee bonuses have declined markedly. R81.5 billion in March 2024 has dropped to R54 billion in June 2024. Although, the 34% decline is mostly due to bonus time being nearer to yearend.

PUTTING IN OVERTIME  

Furthermore, between March 2024 and June 2024, overtime payments to employees increase by R1.2 billion (4.2%), from R27.5 billion to R28.7 billion. And the same overtime payment year-on-year (June 2023 to June 2024), increased by R1.8 billion (6.9%). Which goes to show that South Africans are not shy to put in the work to earn a bit of extra money. What do you think of the average South African salary? Is it enough to survive on?

ARE YOU EARNING CLOSE TO THE AVERAGE SOUTH AFRICAN SALARY?

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