2024 Minimum Wage Increase: Everything You Need To Know

February 2, 2024
2 min read

Imagine your payroll costs jumping overnight by 8.5%. Feeling the squeeze? You're not alone.

The South African national minimum wage will see a whopping 8.5% increase as the new national minimum wage for 2024 jumps to R27,58. For a company owner with 30 workers, that's an extra R12,636 per month!

Impact of Minimum Wage Increase on Employers

This comes after Minister of Employment and Labour, Thembelani Waltermade Nxesi, has announced a minimum wage increase for all farm workers and domestic workers. The new minimum wage increase is set to commence from the 1st of March 2024. 

While some may be elated by this news, others - those responsible for paying these wages - will need to carefully evaluate how this will affect them and their businesses. The new change will essentially mean a 8.5% increase in all labour costs. This is a huge increase and it begs the question of how employers will absorb the ever increasing cost of wages?

The Growing Challenge of Labour Costs in Agriculture and Construction

Labour is often one of the biggest expenses in the Agricultural and Construction sector and since the initial introduction of the national minimum wage in 2019 we’ve seen a staggering 39% increase.

Agrigistics: Navigating Evolving Labour Costs with Technology

Employers need effective strategies to navigate this evolving labour cost landscape. At Agrigistics, we understand the importance of clear insights and careful management in overcoming such challenges.

Introducing our All-In-One Labour Solution – a comprehensive tool designed to help you accurately track labour costs. Now, business owners can gain control over monthly wages and save up to 15%. Agrigistics saves you more than money - it can save you more than 15 hours a month on tedious paperwork and gives you real-time insights to optimise your workforce.

Transform the Minimum Wage Increase into an Opportunity

Don't let the wage increase become a burden. Get a free demo of Agrigistics today and see how we can help you turn the 8.5% minimum wage increase into an opportunity to enhance efficiency and savings in your business.

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