Wage figures reveal: There is work, but no money
The Israeli economy may have recovered well from the corona, but according to MSAB data, not everyone enjoys the fruits of improvement: while the number of employed in the economy has already surpassed that before the outbreak - and total salary payments reached an all-time high, 45% of wage earners Earned less than NIS 5,400
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18/04/2022
Monday, 18 April 2022, 09:29 Updated: 10:01
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Data from * Masab (Bank Clearing Center) show that in March 2022 the volume of wage payments in the Israeli economy reached a new peak and the net wage transferred to workers in the economy reached a total of NIS 28.43 billion.
This is a figure higher by 10.7% compared to the volume of wage payments NIS 25.68 billion was transferred in March 2021. In March 2020, the last month before the start of the corona crisis and its effects on the Israeli economy, NIS 25.45 billion was transferred for wages and the figure for March 2022 is 11.7% higher than in April. Thousands of Israelis were expelled to the IDF, a sum of only NIS 21.76 billion was transferred, so that the figure for March 2022 is 30.6% higher than it.
MSAB data also show that the volume of employment in the Israeli economy maintains stability and high data from the pre-Corona crisis period.
In March, the number of net wage earners was 3.658 million.
This is a figure higher than 10,000 employees compared to March 2020. The figure for March 2022 is 7.1% higher than the number of wage earners in March 2021, which reached 3.42 million.
Compared to April 2020, the figure is 22.5% higher.
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The economy has recovered, there is work - but in recent months the employment cycle has seen mostly "transparent" low-wage workers (Photo: ShutterStock, VGstockstudio)
45% earn below the minimum wage
The least encouraging data are related to the size of the salary and not to the scope of employment: according to
Masab, the average net salary was NIS 7,771.21, with more than 45% of the salary recipients depositing an amount lower than NIS 5,400; the median salary is NIS
6,044
.
, It seems, the large return to work of unskilled workers earning low wages, a trend that has characterized the economy in recent months, when the labor market is characterized by an unprecedented supply of vacancies, but also a mismatch between the skills of job seekers or those looking to improve their income, and The specific requirements of the labor market.
Eitan Mizrotsky, VP of Information Systems at Masab
: "Net wage data in the first quarter of 2022 indicate that the growth of the Israeli economy is also reflected in the labor market."
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