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Average salary falls below NIS 8,000

August 6, 2009. Globes: Shay Niv

The average salary fell by an annualized 1.2% in trend figures in March-May

The average gross monthly salary of Israeli employees again fell below NIS 8,000. The average gross salary fell to NIS 7,827 in May 2009 from NIS 8,034 in April, the Central Bureau of Statistics reported today. The average salary fell by an annualized 1.2% in trend figures in March-May.

There were 2.79 million Israeli employees in May, up from 2.75 million in April. There were 80,500 legal foreign workers and Palestinians in May, bringing the total workforce to 2.90 million. The average gross salary including foreign workers and Palestinians was NIS 7,862, dragged down by the average salary of NIS 4,287 for foreign workers.

There were no changes in the salary rankings of economic sectors. Israel Electric Corporation (IEC) (TASE: ELEC.B22) and Mekorot National Water Company employees topped the salary charts with an average salary of NIS 19,762, down from NIS 22,008 in April. Financial employees were in second place, with an average salary of NIS 14,018, followed by public administration employees with NIS 11,712, and manufacturing employees with 10,719.

Yesterday, the National Insurance Institution reported a 5% drop in new unemployment claims in July compared with May.

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