The average wage in the Israeli economy remains at record levels. In April 2024, the average wage in Israel was NIS 13,506, up 7.3% from April 2023, according to the Central Bureau of Statistics. However, there is a significant decrease from March 2023, when the average wage was NIS 14,000, which can also be attributed to the seasonal decline in these months.
Meanwhile, preliminary estimates for May 2024 indicate that the average wage rose by 7.8% compared to May 2023, reaching NIS 12,891 – a continuation of the monthly decline compared to April and March.
Excluding the effects of inflation, there was a 4.4% increase in the average wage in April of this year compared to April 2023. The wage after deducting seasonal adjustments was NIS 11,319 in April.
Between February and April 2024, the average salary increased by 3.1% year-on-year, following a 7.3% year-on-year increase between November 2023 and January 2024.
Data from the Central Bureau of Statistics indicate that the labor market is stabilizing. After the initial shocks caused by the war, the economy recovered in terms of the number of jobs, and average wages continued to rise throughout the months of the war, even after the rate of inflation in the economy rose.
Technology sector continues to boom
The technology sector in Israel continues to enjoy the highest wages, with increases similar to other sectors of the economy. In April 2024, the average wage in the technology sector was NIS 31,976, an increase of 7.9% compared to April 2023. The highest level was in the scientific research and development industry, where the average monthly wage was NIS 34,000.
The Central Bureau of Statistics data shows that the number of jobs in the technology sector decreased slightly by 0.2% compared to March 2024. From an annual perspective, there was a slight increase: 0.6% more jobs compared to April 2023. The number of jobs in the industry still represents about 10% of total jobs.
This article was published in Globes, Israeli Business News – en.globes.co.il – on July 4, 2024.
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