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More workers, less money: a record number of wage earners in the economy - voila! Of money

2023-01-18T08:40:32.072Z

A new record of wage earners in the last quarter of 2022, in which the transfer of wages to more than 11 million employed persons was recorded, an increase of 3.1% compared to the corresponding period last year. The problem: they earn less



More workers than ever before: a new record in the number of wage earners was recorded in the last quarter of 2022 (Photo: ShutterStock)

Data from the MSAB (Banking Clearing Center), the national infrastructure for transferring payments in Israel, shows that in the 4th quarter of 2022 (October to December) the number of recipients employed in the Israeli economy reached a new record and stood at 11.144 million Israelis during the period



. A 3.1% increase compared to the corresponding quarter in 2021 where the number of employed in the months of October to December was 10.811 million Israelis. Compared to the 3rd quarter of 2022 (July to October) this is a 1.4% increase in the scope of employment.

The employment market is emerging: significant growth in both the number of employed people and the scope of wage payments (Photo: ShutterStock)

Quarter 4 2022: The increase in the number of employed people came with a decrease in total payments

In the last year, it appears that the cost of wages in the economy for those employed during that period increased significantly and then recorded a decrease.



In the 4th quarter of 2022, wage payments in the Israeli economy reached a total of NIS 83.615 billion.

This is a

figure that is 6.4% higher

than the corresponding quarter in 2021 in which the scope of net salary payments was a total of NIS 78.560 billion.



At the same time, there was a decrease in the total of wage payments compared to the third quarter, the one that preceded the last quarter, that is, the volume of wage payments in the 4th quarter of 2022 was

1.4% lower than

the volume of wage payments in the third quarter of 2022, which stood at NIS 84.764 billion.

The implication is that more workers are willing to work for lower wages.



Compared to the fourth quarter in previous years, it appears that the increase in wage payments increased nevertheless and the decrease was only reflected in comparison to 2021: in the 4th quarter of 2020, during which there were restrictions on economic activity due to the corona crisis, the volume of wage payments amounted to NIS 72.060 billion and in the 4th quarter of 2019, before the Corona crisis, the scope of salary payments was NIS 73.557 billion.

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An encouraging fact: in 2022, thousands of Israelis will be drawn into the employment circle (Photo: ShutterStock)

A record was broken in the number of wage earners in the economy

In December 2022, the monthly record for the number of wage earners in the economy was broken: 3.759 million Israelis.



This is an encouraging figure that is 2.9% higher than in December 2021, when the number of wage earners reached a figure of 3.652 million Israelis.



In December 2020, the number of wage earners was 3.42 million and in December 2019, before the outbreak of the epidemic, the number was 3.55 million Israelis.



The amount of net salary payments recorded in December 2022 was a total of NIS 28.800 billion, this is a 5.8% lower figure compared to June 2022, when recovery fees were paid in most of the economy, and the record for salary payments was NIS 30.632 billion.

Compared to December, 2021, when the scope of salary payments reached the amount of 26,802, this is a jump of about NIS 2 billion and 7.5%.



The average net salary paid in the economy for the December 2022 salary was NIS 7,662.21.

This figure is 4.4% higher than in December 2021, when the average salary was NIS 7,339.73.



In an overall annual summary for the employment year 2022, a significant jump was recorded in the number of wage earners in the economy as well as in the amount of wage payments transferred to bank accounts.



The amount of wage earners in the economy reached 44.129 million Israelis, this is an increase of more than 2.07 million Israelis and

a growth of more than 4.9% compared to the year 2021

when salaries were transferred to 42.059 million Israelis during the year.

Fewer unemployed in 2022: the number of employed in the economy increased this year (Photo: ShutterStock)

Annual increase of 8.6% in total salary payments (compared to 2021)

The total amount of wage payments transferred in the economy during the entire year (2022) reached the amount of 336.042 billion NIS, this is an increase of 26.464 billion NIS in the total of annual wage payments and a jump of 8.6% compared to the figure in 2021 which was 309.578 billion NIS.



MSB's VP of Information Systems, Eitan Mizrotsky:

"The net wage data during the year 2022 indicate that in the Israeli economy there was a significant growth in both the number of wage earners and the volume of wage payments. The increase recorded over the past year in the median wage indicates that the increase in wage payments It also reached low-wage Israelis. The quarter that closed the year, and especially in the last month of 2022, we recorded record figures for the number of wage earners in the economy."

  • Of money

Tags

  • salaries

  • salary

  • wage

  • Working

  • the employment market

Source: walla

All business articles on 2023-01-18

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