Despite what lies ahead of us, the latest figures from StatsSA reveal that the average wage for workers in South Africa has increased in 2020.
If 2020 was an eTV movie, it would be Anaconda: People have had enough of it and there’s no need for it to carry on. We have gone through the mill this year, so it’s something of a surprise that the average wage has risen in South Africa.
The most recent data issued for this year shows a fractional increase on a quarterly basis and there’s even a jump of almost 5% on a yearly axis. But these gains are likely to be hampered going forward, due to the impact of load shedding and global health issues. The facts from StatsSA read as follows:
For some, this will be a crumb of comfort. For others, it won’t mean a great deal. Few people in South Africa earn the average salary, due to the extreme chasm in wage inequality. The highest earners are raking it in, whereas a majority of workers can only aspire to reach a figure above the R20 000 mark.
There was also some rosy data for employment. Although full-time figures dropped by the barest of margins, more part-time workers have entered the jobs market. But sadly, a storm will be coming over the horizon.
“Full-time employment decreased by a marginal figure of 2 000 quarter-on-quarter, from 9 164 000 to 9 162 000. Meanwhile, part-time employment increased by 18 000 or 1.7% quarter-on-quarter, from 1 033 000 to 1 051 000 in the previous quarter.”StatsSA
Average monthly earnings were measured at R22 500 in the formal non-agricultural sector of the economy in November 2019. This is a 0,6% increase compared with August 2019, and an annual increase of 4,5%.— Stats SA (@StatsSA) March 31, 2020
Read more here: https://t.co/ga4Tyri9wF#StatsSA #employment pic.twitter.com/jEDy9vC2jg