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The celebration is over: the sick pay will be cut by 10% following the drop in unemployment
The CBS announces today that unemployment in Israel stands at 9.5% after 180,000 unemployed returned to work during March. This means a 10% cut in sickness benefits.
Factors in the Walla!
Money: "The economy has been open for almost two months, people need to understand that it is time to return to work"
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Chalat
Unemployment benefits
unemployment
Vacancies
Sonia Gorodisky
Wednesday, 21 April, 2021, 11:46 Updated: 12:17
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Following the widespread opening of the economy, the unemployment rate fell in March to 9.5%, which is about 385,000 unemployed, compared with 14% in February, according to data from the Central Bureau of Statistics published today (Wednesday).
During March, 182,000 unemployed returned to work.
Following the fall in the monthly unemployment rate below 10%, the unemployment benefits of most of the unemployed who are still in the IDF will be cut by 10% starting on May 21.
This is in accordance with the automatic mechanism approved at the beginning of the corona crisis, which stipulates that unemployment benefits 90% of the amount when the monthly unemployment rate reaches 10% and stops completely when the unemployment rate reaches 7.5%, or at the end of June 2021, whichever is earlier, the change will take place one day after the publication of the monthly figure, ie from 21 May.
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To the full article
The Minister of Finance, Israel Katz, halted the previous cuts until the new data was received (Photo: Reuven Castro)
"We need to understand that it's time to go back to work"
In practice, the cut will be reflected in the bank accounts of Corona's unemployed only in June, when the resettlement plan will end at the end of this month anyway.
And back to the unemployment data: in the second half of March, the unemployment rate fell to 8.9%, which is 361,000 unemployed, compared with 9.8% in the first half of March.
Already two weeks ago, the unemployment rate fell below 10%, but Finance Minister Israel Katz decided that the unemployment benefit cut would be based only on the monthly figure and not the bi-weekly figure. Last August, the unemployment rate also dropped surprisingly below 10%, but already It was therefore decided not to cut unemployment benefits based on the partial figure and also due to the proximity of the Tishrei holidays.
The decline in the unemployment rate is also expected to continue during April, because in the second half of March Passover occurs, and some employers may have preferred to wait with the opening of their businesses or expand their activities to the period after the holiday.
The broad unemployment rate, which includes the unemployed who were laid off as a result of the closure of their jobs and workers who stopped looking for work, still remained high, averaging 11.8% in March - which is 494,000 unemployed.
Professional ranks in the Ministry of Finance told Walla!
Money because the cuts in unemployment benefits will encourage a faster return of the unemployed to the labor market.
"The economy has been open for almost two months, people need to understand that it is time to go back to work," said one source.
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