The average salary for employees has increased, is it catching up with inflation?
Today, the CBS publishes the average salary data for employees in July 2022. The average salary increased last year by 3.4%, but this increase is lower than the annual inflation rate that was 5.2% that month, meaning - the purchasing power of employees in Israel is eroding
Bini Ashkenazi
03/10/2022
Monday, 03 October 2022, 11:31 Updated: 11:43
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Despite the slowdown in the industry, high-tech still earns the most (photo: from a report to the National Security Agency)
The Central Bureau of Statistics today publishes the average wage data for the month of July 2022. The data shows that the average wage in the economy did indeed increase by a significant rate of 3.4%, but when you compare this to the rate of increase in consumer prices (inflation), which stood - as of July 2022 (and has since decreased slightly ) on 5.2%, a gloomy picture emerges according to which the purchasing power of our salary has decreased compared to last year.
Here are the highlights of the data:
• The average salary for a salaried position at current prices was NIS 12,113, an increase of 3.4% compared to July 2021 (NIS 11,715).
• The average salary for a salaried position at fixed prices (deducted by the monthly consumer price index) was NIS 10,731, a decrease of 1.7% compared to July 2021 (NIS 10,919).
• The number of salaried jobs was 4.009 million, an increase of 5.4% compared to July 2021 (3.805 million) and an increase of 0.5% compared to June 2022 (3.988 million).
An increase in the number of employed people, how are the employees in Israel divided according to branches?
Average salary for a salaried position at current prices - according to Habezeq estimates for the month of August 2022, the average salary for a salaried position at current prices for all employees2 was NIS 11,894, an increase of 3.8% compared to August 2021 (NIS 11,459).
The average wage for a salaried position at current prices for Israeli workers was NIS 12,246, a 3.9% increase compared to August 2021 (NIS 11,784).
Salaried jobs - according to the flash estimates for the month of August 2022, the number of salaried jobs of the total number of employees was 4.167 million, an increase of 4.8% compared to August 2021 (3.974 million) and a decrease of 2.2% compared to July 2022 (4.259 million).
The number of salaried jobs for Israeli workers (out of the number of salaried jobs of all employees) was 3.916 million, an increase of 4.7% compared to August 2021 (3.739 million) and a decrease of 2.3% compared to July 2022 (4.009 million).
Wage and employment index data are based on monthly reports by employers to the National Insurance Institute.
These reports do not include workers receiving unemployment benefits from the National Insurance Institute.
The calculation of the average wage for a salaried position does not refer to the number of days per month in which the employee was employed.
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