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R50k earners more than double, others take home less

Nov 25 2015 14:05
Carin Smith

Cape Town - In October there was a noticeable decline in South Africans' take-home pay, according to the latest BankservAfrica Disposable Salary Index (BDSI).

At the same time many more people are moving into the higher echelons of pay in SA, Mike Schussler, chief economist at economists.co.za, told Fin24 on Wednesday.

According to Schussler, the number of employees receiving over R50 000 in their bank accounts has more than doubled from 22 305 on average from August to October 2011, to 50 524 between August and October 2015 (excluding those earning over R100 000 plus a month).

"There is an amazing story here," said Schussler. "The economy is not creating work, but people in work are actually doing well."

The number of people receiving salaries of more than R50 000, but less than R100 000 per month has increased from 0.8% to 1.6% of the total number of people earning salaries in the data set. While this is only take-home pay as paid via the South African Payment system, it shows that - despite income tax increases, and above inflation medical insurance increases - the number of people taking home over R600 000 per year has doubled.

Similarly, the number of people who take home over R300 000, but less than R600 000 per year has increased from 5% to 8.4% of the total number of earners, while those taking home between R120 000 and R300 000 has increased from 26% to 38.4%.

bankservafrica  |  mike schussler  |  sa economy  |  salaries
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