Salary payments in Israel show partial recovery

payslip  picture: Tamar Matzapi

The aggregate of net monthly salaries paid has risen 19.1% since the low in April.

Data on monthly salaries in June from Bank Clearing Center Ltd., which operates the main national system for transferring payments in Israel, show that the number of people receiving salaries and the total value of salaries paid last month were 8% lower than in February, before the coronavirus pandemic reached Israel. About 300,000 fewer people received salaries.

Not all the figures are negative, however. In comparison with May, the number of people receiving salaries rose 5.3%, and the number of companies paying salaries rose 1.3%. According to the company's figures, 3.37 million salaries were transferred in June, which compares with 3.19 million in May. In April, when Israel was under lockdown, only 2.98 million salaries were paid.

The company says that June saw a rise of NIS 4.3 billion in the aggregate sum paid in salaries, as many companies made annual rest and recuperation payments. Aggregate salary payments were NIS 26.9 billion. Thanks to the rest and recuperation payments, net salary payments rose by 13.1% in June in comparison with May. Te average net salary paid in June was NIS 7,974, which compares with NIS 7,051 in May and NIS 7,286 in April.

Altogether, since the low recorded in April, the aggregate of monthly salaries paid in Israel has risen 19.1%. The aggregate was NIS 25.5 billion in March, and NIS 21.8 billion in April.

Published by Globes, Israel business news - en.globes.co.il - on July 19, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

payslip  picture: Tamar Matzapi
payslip picture: Tamar Matzapi
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