In June 2024, the average wage in Israel was NIS 13,865, an increase of 4.7% in real terms from NIS 12,836 in June 2023, according to the Central Bureau of Statistics. The inflation rate was 2.9% during the same period.
The May 2024 estimate shows that the average wage increased by 6.1% compared to May 2023, which is well above the inflation rate of 2.8% during the same period. Excluding the effects of inflation, there was a 3.2% increase in the average wage in May this year compared to May 2023.
Data from the Central Bureau of Statistics showed that the number of permanent jobs in the Israeli economy reached 4,059,000 in June 2024, up 1% from May 2024, but down 1% from June 2023. Part of the increase in wages compared to last year likely stems from a slight decrease in the number of jobs compared to the corresponding period in 2023 – before the war. The number of permanent jobs in Israel fell to about 3.8 million at the beginning of the war, and gradually recovered until today it is almost identical, excluding seasonal adjustment, to where it was on the eve of the war in September 2023.
Israel’s data and communications sector, which includes a large portion of high-tech, still has the highest monthly wages, at NIS 28,822, while the hospitality and restaurant sector has the lowest, with an average monthly wage of NIS 6,192 — just above the minimum wage of NIS 5,880.
In May 2024, the average gross wage in the technology sector was NIS 29,804, an increase of 5.7% over May 2023, and the number of jobs in the technology industry in May 2024 increased by about 0.7% over May 2023, representing about 10% of all jobs in the Israeli economy.
This article was published in Globes, Israeli Business News – en.globes.co.il – on August 4, 2024.
© Copyright Globes Publisher Itonut (1983) Ltd., 2024.
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