South African salary earners are once again seeing the buying power of their pay cheques shrink as inflation accelerates.
South African salary earners are once again seeing the buying power of their pay cheques shrink as inflation accelerates, economic uncertainty deepens, and fears grow that interest rates could rise again.
The latest PayInc Net Salary Index found that the average nominal net salary declined to R21,228 in April 2026, 0.6% lower than March and 0.5% lower than a year ago.
“The decline marks a notable shift following two years of relatively strong salary growth in 2024 and 2025, where earnings broadly kept pace with inflation,” said PayInc in a statement.
But after accounting for inflation, the picture becomes far worse.
