By: Natasha Archary
Are South Africans happy? If happiness could be equated to an amount reflected in one’s bank account, would that be an indicator to how happy we are as a country?
Professor Ines Meyer, Chairperson of the Living Wage South Africa Network joins Gugulethu Mfuphi on Kaya Biz to discuss the Living Wage figure for 2024, which was announced as R15 000 net a month.
Professor Meyer shared that the amount was calculated based on the quality of life low-earning survey.
A majority of participants said the amount is not enough to live comfortably or to even make ends meet.
“A number of people insisted that R15,000 a month as a Living Wage figure could never cover their monthly obligations. It is hard to make ends meet on R15,000 yet most who work in South Africa earn even less.”
The legally prescribed national minimum wage comes to only one-third of the Living Wage. If it is difficult to live on R15,000 per month how shall those whose income is even lower get by?
With the cost of living, loadshedding, job losses and crime, most didn’t feel happy, saying their money didn’t stretch far enough to ensure they were happy.
While some found happiness in immaterial things, such as their kids, family and jobs, most were praying for 2024 to be better.
When prices rise while our currency’s purchasing power declines, one’s happiness might be harmed in an economy with record-high inflation.
Everyone has a different opinion about the role money plays in their lives.
According to the United Nations’ most recent World Happiness Report (WHR) for 2022, more research is being conducted on happiness around the world, including in South Africa.
However, there has been a marked decline in the use of GDP and money as indicators of happiness or quality of life.
Afghanistan is at the bottom of the list, and Finland is at the top, placing South Africa at 91st overall out of the 146 nations.
The average salary paid to employees in South Africa fell to R14,340 (R172,080 annually) in July, according to the most recent salary information from the BankservAfrica Take-home Pay Index.
The formal non-agricultural sector paid its employees an average of about R23,500 per month for labour (R282,000 annually).
Listen to the conversation on Kaya Biz:
Also read: What is fuelling petrol price drops lately?
