Lower-income brackets experienced the most job losses in January: BankServ Africa - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

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Most of the job losses recorded in January 2023 were in the lowest-income groups. This is according to data from BankServ Africa, which processes the transactions of banks and other financial entities.

At the same time, the average nominal take-home pay has continued on a downward slope over the same period. In January, take-home pay dropped to R14 300, when compared to the previous month.

Bankserv Africa data shows that employment levels in January 2023 were lower in comparison to the same period last year. Its data shows that 60% of job losses occurred in salary categories for people earning less than R5 000 per month. “The majority of job losses, with less salaries paid into bank accounts were in the lower income categories. Now I think one could explain or one reasoning for that could be that there was a lot of seasonal employment in the festive season in December which now gets reversed in January,” says Independent Economist, Elize Kruger.

 

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