The average salary of employees in the Israeli economy rose by 4% over the past year but in practice was completely eroded by inflation, which rose by a higher figure over the same period, the Central Bureau of Statistics reports.
In August 2022 the average monthly salary was NIS 12,285, up by NIS 414 from August 2021. However, when offset against the Consumer Price Index over the same period and adjusted accordingly the average salary fell by 0.4% and stood at NIS 10,890 in August 2022.
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According to preliminary figures from the Central Bureau of Statistics, the average salary in September 2022 was NIS 12,205, a slight fall from August 2022 but 4.6% higher than September 2021, without adjustment for inflation.
The number of salaried employees in Israel’s economy in September was 4,143,000, according to initial estimates, up 7.1% from the previous year but down 0.6% from August 2022.
The rise in the average salary was highest in the tech sector. In August 2022, the average salary in Israel in the tech sector was NIS 27,880, up 5.6% from August 2021. In absolute terms, the average salary in the tech sector rose by NIS 1,476 between August 2021 and August 2022.
Published by Globes, Israel business news – en.globes.co.il – on November 3, 2022.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.
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