100,000 people returned to work in November; The average wage fell by 0.4% – financial consumption


100,000 Israelis returned to work in November and reduced the average (net) wage by a minimal rate of 0.4% to NIS 7,154.49, according to MSB data. This is relatively good news, since the increase in the average wage we witnessed from the beginning of the crisis is not attributed to wage increases. That if for the dismissal or expulsion of low-wage workers, who had previously tilted the average downward. Now the average is back down – but that means people are back in the work circle.

According to Masab (banking clearing system), which transfers about 90% of salaries in the economy, the amount of salaries paid in November was 3.1% higher than in November – 3.32 million people who received a salary compared to 3.22 million previously. In October, the average salary according to tax data “B was NIS 7,186.79.

The volume of salary payments for the month of November increased by 2.65% and amounted to a total of NIS 23.763 billion, compared with a total of NIS 23.149 billion paid for the October salary. This is an increase of approximately NIS 600 million compared to the amount transferred (between October 20 and November 10) in respect of the October salary.

It is interesting to look at the average salary of those who returned to work in November, the same 600 million shekels that were added when 100,000 people returned to work. According to the calculation, this is an average (net) wage of NIS 6,000, so it is likely that these are the lowest wage earners from those industries whose activities were shut down. It should be noted that at the end of November, a pilot operation began to open the malls that affected the data.

By comparison, in June which was the first month of work after the first closure and the removal of a large part of the restrictions on the economy, 3.37 million salaries were transferred. Since then, Israel has entered a second closure and has not yet returned to June’s employment levels. On the other hand, in January, before the corona hit Israel, salaries were transferred to 3.64 million people – about 300,000 workers higher than in November, and in February, even before the wave of spending on layoffs and layoffs, the average salary transferred by Masab was NIS 7,269.7.

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