Partial data from Israel's Central Bureau of Statistics indicates that average wages for Israeli employees went up by 3.5% in March when compared to March of 2023. Israel’s inflation was around 2.7% in that timeframe, meaning that the increase in real average wages was not very large.
Real wages are wages adjusted for inflation. As the prices of goods and services increase over time, the same amount of money can be used to buy less. Real wage increases indicate how much more employees can buy with increased wages.The average salary for Israeli employees was NIS 14,108 in March was up 1% from February, and down 1.8% from March 2024.
The number of positions filled by Israeli employees in Israel in March was up 1.1% from February, but down by 4.4% from March of 2023.
Average wages for all employees in Israel (not only Israeli employees) increased by 5% when comparing March 2024 to March 2023.In February, CBS data showed an increase of 6.5% in average real wages for Israeli employees, and average wages were NIS 13,539 for employees in Israel.The number of positions filled by employees in February increased by 0.5% from January of 2024, but was still down 1.7% from February of 2023, said the bureau.
Average wage for hi-tech workers rises by 13.2%
The average wage for Israel's hi-tech workers increased by 13.2% between February of 2023 and February of 2024 and these jobs made up just over 10% of employee positions in the Israeli market in February of 2024.
Also, the average February 2024 wage for employees in the hi-tech sector went up around 12% when compared to their average wage in January 2024.Comparing average February 2024 wages to average January 2024 wages in the governmental and private, nonprofit sectors, wages remained almost the same, with nonprofit wages going up around 3% and government wages going up around 1%.Further, government jobs made up around 20% of employee positions in Israel in this timeframe and private nonprofits made up around 8%.The same comparison shows that average wages for employee positions in the non-finance company sector also increased by around 3%. These positions made up around 64% of jobs.Wage calculations provided by the bureau were based on data reported by Israel’s National Insurance Institute and did not reference the number of days in the month worked by the employee.