South Africa. Typical pensioner income up 17% in real terms, review shows
In February private pensions paid to South Africans grew at the fastest rate in five years, a report from BankServAfrica indicated. Average private pensions increased by 11.5% year-on-year in February in nominal terms and private pensioners received R7 029 on average in February 2018.
Despite the 4% inflation rate reducing private pensioner payments to 6.8%, BankServAfrica indicated this was the highest year-on-year growth it had recorded.
Chief economist at Economists.co.za, Mike Schüssler, says it is a good thing that pensioners are receiving payments far above the inflation rate. He says he expected a 3.5% increase with inflation, but the rate almost doubled compared to his expectations. “It’s a welcome relief that this is going up,” he said.
Read More: Money Web
