Israel’s employment rate reached 62.1% in November while the average monthly wage stands at $ 3,710
Israel’s employment rate saw a sharp increase during the first half of November, apparently to revert to the rate before the Covid pandemic.
However, the average monthly salary of employees has fallen slightly in recent months.
The average monthly salary of Israelis has fallen to $ 3,710 in recent months, from $ 3,743 in July and $ 3,752 in August, the Central Bureau of Statistics (CBS) said Thursday.
Yet the unemployment rate in the first half of November was down to 6.7% from 7.3% in the second half of October.
The employment rate jumped to 62.1% – nearly 4.1 million people employed – which was roughly the rate in January and February 2020.
In a previous CBS survey, Israel’s employment rate in the second half of October was 59.25%, Haaretz Noted.
The improvement in the broad employment rate is mainly due to a drop in the number of people looking for work, as the economy recovers and the demand for workers soars.
At the same time, the eligibility of workers aged 45 and over for unemployment benefits soon expires completely, which could be an important trigger for the sharp increase in the employment rate, Haaretz noted.
The Organization for Economic Co-operation and Development has forecast that Israel’s unemployment rate will remain above pre-pandemic levels until the end of 2023, The Times of Israel reported.
The Israeli government also announced last month that it would increase the monthly minimum wage to $ 1,912 by 2025.