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Average salary in 2009 for financial industry fell 13% compared with 2008

מרץ 8, 2010. Globes: Kobi Yeshayahu

The average gross monthly salary fell 2.8% to NIS 8,108 in 2009 compared with 2008, the Central Bureau of Statistics reported today. The average salary of foreign workers fell 0.2% to NIS 4,275 over the same period.

The number of salaried employees was 2.92 million, of whom 2.81 million were Israelis, 78,900 were legal foreign workers, and 31,300 were Palestinians.

The decline in jobs in early 2009 reversed in the second half of the year, and the unemployment rate declined to 7.4% in the fourth quarter. Analysts earlier predicted an unemployment rate of over 8%.

The average salary in 2009 at Israel Electric Corporation (IEC) (TASE: ELEC.B22) and Mekorot National Water Company was NIS 20,285. It was NIS 14,107 in the financial sector, NIS 12,527 in public administration, NIS 11,101 in industry, and NIS 9,435 in transport. The lowest paid salary was in the catering and accommodations industry, at an average of NIS 3,849 last year. The average salary in the agriculture and community services sectors was just over NIS 5,400.

The sharpest drop in salaries in 2009 was in the financial industry, down 13.2% compared with 2008. Manufacturing saw the largest drop in the number of employees, down 3.7%, while the financial sector saw the largest increase in employees, up 4.9%.

Trend figures for October-December show an annualized 2.4% increase in the number of salaried employees, although the average salary fell by an annualized 3.2%.


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