Average salary in Israel up 6.4% in two years

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Israel’s Ministry of Finance main economist Shira Greenberg has issued a study of salaries in Israel during the Covid pandemic. The analysis observed that the ordinary income rose by 6.4% in authentic phrases over two a long time, right after getting into account the influence of Covid on the blend of jobs.

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The report explained, “In yearly phrases this increase demonstrates a actual annual increase of 3.2% compared with an normal yearly increase of 2% amongst 2011 and 2019, that is to say the increase in salary was at a comparatively superior fee for the duration of the earlier two decades.”

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Israel’s common income rose 2.3% in 2021

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In accordance to the Central Bureau of Figures the typical regular salary in 2021 was NIS 11,773, up 2.3% from 2020.

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The Ministry of Finance has quite a few ideas as to why salaries rose throughout the Covid disaster. “International need for tech products and services after the outbreak of the Covid pandemic led to salary rises in Israel’s high-tech sector.”

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An additional motive supplied was in influence a criticism of the government’s furlough payments scheme for people on unpaid leave. The Ministry of Finance believes that the short term drop in the offer of staff, because of to the government’s policy on coping with the unfold of the virus, and issues about workers not wanting to be contaminated, also contributed to wage hikes.

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The income rises ended up not throughout the board, the Ministry of Finance observed that the rises were being lower in the catering and lodging sector even though in leisure, leisure and art, salaries fell.

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Even nevertheless 3.2% is a handsome yearly rise in wage by the standards of recent years, it is however under the 3.5% that the Shopper Selling price Index (CPI) has risen about the earlier 12 months. In 2020, the CPI fell by .7%.

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Released by Globes, Israel business news – en.globes.co.il – on March 27, 2022.

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