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, the Central Bureau of Statistics reports. However, there is a substantial fall from March 2023, when the average wage was NIS 14,000, which can also be attributed to the seasonal decrease in these months.
At the same time, initial estimates for May 2024 show that the average wage rose by 7.8% compared with May 2023, to NIS 12,891 – a continued monthly decrease compared with April and March.
Excluding the effects of inflation, there was a 4.4% increase in the average wage in April this year compared with April 2023. The wage, after deductions for seasonal adjustments was NIS 11,319 in April.
Between February and April 2024, the average salary rose by 3.1% on an annual basis, following an increase of 7.3% on an annual basis between November 2023-January 2024.
The trend data reported by the Central Bureau of Statistics indicate a stable job market. After the initial shocks of the war, the economy has recovered in terms of the number of jobs, and the average wage continued to rise throughout the months of the war, even beyond the increase in the rate of inflation in the economy.
Tech sector continues to boom
Israel’s tech sector continues to have the highest wages, with similar rises to the other sectors of the economy. In April 2024, the average wage in the tech sector was NIS 31,976, up 7.9% from April 2023. The highest was in the scientific R&D industry, where the average monthly wage was NIS 34,000.
The Central Bureau of Statistics data show that the number of jobs in the tech sector fell slightly by 0.2% compared with March 2024. From an annual perspective, there was a slight increase: 0.6% more jobs compared with April 2023. The number of jobs in the industry is still about 10% of all jobs.
Published by Globes, Israel business news – en.globes.co.il – on July 4, 2024.
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