The average monthly gross salary of employees in Israel rose by 5.3% in May 2023 to NIS 12,009, compared with May 2022, the Central Bureau of Statistics reports.
Almost the entire rise was eroded by inflation, which was 4.6% over the 12-month period.
The average monthly gross salary in May fell from NIS 12,622 in April 2023.
Salaries in Israel’s hi-tech sector affected by inflation
In the hi-tech sector, the average salary in April 2023 was NIS 29,219, up 5.4% from April 2022 but down from NIS 31,685 in March 2023. However, due to inflation tech sector salaries were also eroded.
The number of salaried positions in the tech sector in April 2023 was up 2.6% from April 2022.
Between May 2022 and May 2023, the number of salaried jobs in the Israeli economy grew by 1.1%, lower than the 2% by which the population grew over that period. The number of jobs rose by 1.3% between April 2023 and March 2023, reflecting the slowdown in the economy.