The average salary of employees in Israel increased by an exceptional 7.9% in March 2023 to 13,658 shekels, according to the Central Bureau of Statistics. Reasons for the sharp rise include the NIS 6,000 bonus that public sector workers received as part of their new collective agreement as well as seasonal trends that tend to push up salaries in March.
The average employee salary in February 2023 amounted to 12,454 shekels, an increase of 3.9% compared to February 2022, which is lower than the annual rate of inflation of 5% – that is, a decline in real terms. Payroll numbers in constant terms (subtracting the CPI) indicate a 1.2% annualized erosion in payroll compared to February 2022.
The number of paid jobs in Israel reached 3,953 million in February 2023, up 2% from 3,874,000 in February 2022, but down 0.6% from January 2023.
In the technology sector, the average salary in February 2023 was NIS 30,241, up 1.6% from February 2022. However, due to inflation, technology sector salaries have also eroded. The number of wage jobs in the technology sector in February 2023 was 377,500, up 3.8% from February 2022.
Slight increase in employment
The employment level in Israel increased slightly to 61.7% in March 2023 compared to 61.4% in February 2023. Unemployment remained low in March 2023 at 3.9%, as it was in the previous month, according to the Central Bureau of Statistics. Unemployment among those between the ages of 25 and 64 fell to 3.2% in March 2023 compared to 3.5% in the previous month. All figures after seasonal adjustment.
Published by Globes, Israel business news – en.globes.co.il – on May 4, 2023.
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