The South African economy is the second largest in Africa. It is also the most diversified, technologically advanced, and industrialized on the continent. Like other countries in the world, the salary figures for employed people vary greatly depending on numerous factors such as economic sector, education, experience, and many others. What is the average salary in South Africa today, and which sectors are the best-paying?
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Most countries have laws governing the minimum wage that the least paid employee should expect as income. This varies from country to country, often increasing as a country becomes more advanced and grows economically. What is the basic monthly salary in SA?
What is the average salary in South Africa in 2024?
What is the average income in South Africa? An employed person in South Africa earns an average of R303,648 per year or R25,304 per month. This quarter's data shows a 2.7% decrease from the previous quarter and a 6.8% increase from the first quarter of 2022.
This figure was published by Statistics South Africa in its quarter-year economic survey known as the Quarterly Employment Survey.
South African salary ranges and median figures
What is a normal salary in South Africa? The range of salaries paid to South African employees typically lies between R7,880 and R139,000, with a few variations on either extreme. So, what is the middle-class salary in South Africa? The median figure for middle-income earners is between R5,000 and R20,000 per month.
What is a reasonable salary in South Africa?
The best way to answer this would be by considering the population percentiles in terms of the average wage in South Africa. Close to a quarter of the employed people earn less than R17,000. 75% of the people earn less than R81,100, with only about a quarter earning above that. Since the term ‘reasonable’ is somewhat subjective, one can gauge their income using these percentiles.
There are several factors that determine a person’s salary in SA. Here is a quick look.
Typically, employees with postgraduate degrees tend to earn more than those without. This explains the huge demand for postgraduate education in SA. Diploma and certificate holders are likely to earn 17 % more than their counterparts who attained high school education.
Employees with bachelor’s degrees typically earn 24% more than those without, while those with master’s degrees earn about 29% more than those without. In most companies, a salary review is usually considered after completing a course. In most cases, the increment that comes with these added educational qualifications is 10% higher than one would averagely get with a regular increment.
Most employers typically reward progression and experience. Conventionally, any employee who experiences growth at work should expect a salary increment over time. For most firms, this is usually one of the largest determinants of a person’s salary.
In SA, employees with two years of experience typically earn 32% more than new entrants regardless of the sector or industry. Additionally, those with five or more years at a company earn about 36% more than those with lesser experience/progression.
Like in numerous other countries, the sector in which one is employed plays a huge role in the amount they can earn in salaries. For example, people in fintech and engineering tend to earn more than their counterparts in transport and manufacturing.
|Average top salary
What is the minimum wage in South Africa?
From March 2022, the minimum hourly wage in SA increased to R23.19 (About $1.59). This was a 7% increase from the previous year’s minimum wage.
What is a good salary in South Africa?
This can be considered the average wage in the country. An employed person in SA earns an average of R23,982 (approximately $1,480) per month. If you are earning a higher salary than the national average and median figures, then you can be said to be doing well.
The average salary in South Africa is significantly higher than in other African countries. This is largely attributable to the country’s remarkable economic and technological development and the hugely diverse income sectors.
DISCLAIMER: This article is intended for general informational purposes only and does not address individual circumstances. It is not a substitute for professional advice or help and should not be relied on to make decisions of any kind. Any action you take upon the information presented in this article is strictly at your own risk and responsibility!
Briefly.co.za recently published a list of the most expensive African cities. The continent has undergone drastic changes and development in the past few decades, with various countries and cities emerging as economic, financial, and tourism powerhouses.
As the African nations develop, the standards of living and cost of living in some of their cities continue to rise. Today, some African cities are as expensive as their European, Asian, or American counterparts. Some of the contributing factors include the cost of housing, transport, health, and education.
Source: Briefly News