The average salary of employees in Israel rose by an exceptional 7.9% in March 2023 to NIS 13,658, the Central Bureau of Statistics reports. The reasons for the sharp rise include the NIS 6,000 grant received by public sector workers as part of their new collective agreement as well seasonal trends that tend to push up salaries in March.
The average salary of employees in February 2023 was NIS 12,454, up 3.9% from February 2022, below the annual rate of inflation of 5% - in other words a fall in real terms. Salary figures in fixed terms (subtracting the Consumer Price Index) indicate an annual erosion of 1.2% in salaries compared with February 2022.
The number of salaried jobs in Israel was 3,953 million in February 2023, up 2% from 3,874,000 in February 2022, but down 0.6% from January 2023.
In the tech sector, the average salary in February 2023 was NIS 30,241, up 1.6% from February 2022. However, due to inflation tech sector salaries were also eroded. The number of salaried positions in the tech sector in February 2023 was 377,500, up 3.8% from February 2022.
Slight rise in employment
The level of employment in Israel rose slightly to 61.7% in March 2023 compared with 61.4% in February 2023. Unemployment remained low in March 2023 at 3.9%, the same as in the previous month, the Central Bureau of Statistics reports. Unemployment among those aged 25-64 fell to 3.2% in March 2023 compared with 3.5% the previous month. All figures are after seasonal adjustment.
Published by Globes, Israel business news - en.globes.co.il - on May 4, 2023.
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