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FINANCIAL IMPACT
OF COVID-19
RESTRICTIONS
South African households face financial strain
from COVID-19 restrictions, says a study from
UCT’s Liberty Institute of Strategic Marketing.
Using data from the National Income
Dynamics Study-Coronavirus Rapid
Mobile Survey (NIDS CRAM) surveys, the
Liberty Institute examined the impact of
restrictions on jobs and income across the
economic spectrum.
The results reveal that having endured
over 500 days of COVID-19 restrictions,
many South Africans are still struggling
to make ends meet. The biggest impact
has been felt by those in poorly paid jobs.
Indeed, by March 2021 there were nearly
1.15 million fewer people earning from jobs
paying under R3 500 per month.
The data also indicates that middle-class
and high-earning South Africans are also
coming under relative financial strain. Not
only are there fewer South Africans earning
higher salaries than before lockdown, but
the average salary for those earning over
R40 000 per month has also fallen.
“The key point is that the situation is
fluid, and therefore constantly changing,”
said Dr James Lappeman, head of projects
at the institute. “The figures also suggest
that although the economic pain is being
felt across the board, it is the most
vulnerable South Africans whose welfare is
of huge concern.”
There were
1.15 million fewer
people earning from
jobs paying under
R3 500 per month.
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