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BUSINESS MAVERICK: A vibrant month: Pension boost expected to lift South African retail sales for February

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Retail sales have been in the doldrums, weighed down by lockdowns, rising unemployment and a frail economy. But the latest BankservAfrica Take-home and Private Pensions report, calculated by Economists.co.za, suggests there could be a lift from a boost in pensions in February – though this may not be sustained.

The BankservAfrica Take-home and Private Pensions report for February, calculated by Economists.co.za, forecasts a consumer rebound for the month.retail trade sales fell 3.5% year on year“In February, government pensioners got extra payments, which resulted in nearly a million pension payments paid to an estimated 650,000 private pensioners in the BankservAfrica Private Pension Index .

“Total private pensions paid increased by 61% in real terms and added about R3-billion to the total spending in February, which equals the R3-billion that the ‘new state of disaster’ grant pays to six million unemployed people. This will help the economy as the money is likely to help quite a few informal businesses.”

“The total nominal increase for all deducted money flowing into bank accounts of workers and private pensioners was 9.2%. This should result in a good consumer expenditure reaction for the South African economy for at least February,” the report says.

 

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