Ailing economy douses hopes of any bonus, pay increases

South African senior professionals, especially in the retail, manufacturing and finance sectors, are neither optimistic about a bonus this year nor a salary increase in the new year.

The belt-tightening as a result of the sluggish economy has doused expectations of a bonus and salary raises, according to the Jack Hammer Bonus and Salary Survey for 2019.

These expectations are the lowest they have been in the past four years, the annual survey shows.

About 56% of respondents indicated that they expected little in the way of bonuses this year, and 33% were anticipating no salary increase.

Jack Hammer said the trend had been on the wane since 2016, when those banking on a bonus in line with or above the previous year stood at 77%, which declined to 66% in 2017 and slipped further to 62% last year.

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