Pay increases are beating CPI but not the real cost of living, says Remchannel. (Serhii Hryshchyshen/Getty)
Remchannel, which forms part of Old Mutual’s employee remuneration and benefit solutions, says average wage increases are beating the consumer price index (CPI), though not necessarily keeping pace with a sharp rise in essentials, like food.
Its April 2024 salary and wage survey, which is published biannually in April/May and October/November, shows average pay increases granted so far this year at local companies averaged 6.09%, higher than average CPI (5.45%) and anticipated increases (5.85%).
The Remchannel survey covered 55 participants employing approximately 417 000 people across the unlisted (60%), JSE-listed (25.5%), government and quasi-government (7.25%), and dual- or offshore-listed (7.25%) sectors.
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