PayInc’s data show that net nominal salaries fell 0.5% in April 2026 compared to April 2025. Today’s post compares recent wage dynamics in South Africa from different sources with different coverage, showing that the PayInc series has only been half the level (and negatively correlated to) the implied earnings growth from the Quarterly Employment Survey, and almost 0.5% lower per year than (znd with a low positive correlation to) the Quarterly Labour Force and National Accounts-based implied wage growth since 2021Q2.
