Average Salary in SA Sees Growth Despite Job Losses

Basic salaries and wages in South Africa increased by 0.8% (R6.7 billion) in September 2024, totaling R878.2 billion. This rise, according to Stats SA, was driven by sectors like trade, mining, manufacturing, business services, construction, electricity, and transport.

However, community services saw a decline.The average salary earnings climbed from R27,511 in May 2024 to R28,220 in August 2024, marking a 2.6% quarter-on-quarter growth and a 6.6% year-on-year increase.

Employment Decline Hits Hard

South Africa’s formal non-agricultural employment dropped by 133,000 jobs in Q3, with total employment now at 10.6 million. From September 2023 to September 2024, 294,000 jobs were lost, with community services taking the biggest hit (131,000 jobs).

Other sectors like business services, manufacturing, transport, mining, and electricity also recorded job losses. Despite this, the trade and construction industries added 19,000 and 4,000 jobs, respectively.

Full-time employment decreased by 14,000 jobs between Q2 and Q3 of 2024, bringing the total to 9,454,000.

While salaries have risen, the job market still faces challenges, reflecting a mixed picture of South Africa’s economic landscape.