Average wage inched up to NIS 7,169 in March 2004

Eynav Ben Yehuda
The Marker
June 6, 2004 

The gross average wage of Israeli workers inched up in March 2004 to 
NIS 7,169, the Central Bureau of Statistics says, compared with 
NIS 7,015 in February 2004. In March 2003 the gross average wage of 
Israeli workers had been NIS 7,010. 

Trend figures indicate that in fixed prices, the average wage 
increased 4.2% in February and March, the Central Bureau of 
Statistics said. 

When workers from the West Bank and Gaza Strip are included, the gross 
average wage shrinks to NIS 7,068 in March. The gross average wage for 
foreign workers was NIS 4,075 in March. 

The highest wage was at the Israel Electric Corporation and at Mekorot: 
NIS 18,200 a month in March, gross, compared with NIS 14,600 in February. 
But the figure was skewed by a one-time bonus of a month's salary at 
the IEC. Excluding that factor, the average wave at the IEC was slightly 
down compared with February, the company says. 

Banking and financial services workers also enjoyed a handsome lift to 
their salaries, rising to NIS 14,41 in March compared with NIS 11,428 
in February. They also attributed the increase to one-time gains, namely 
bonuses to bank workers for 2003. 

In industry, the gross average wage rose to NIS 9,800, compared with 
NIS 9,462 in February. 

At the bottom of the list are leisure and food service workers, 
who averaged NIS 3,505 gross a month. 

The number of salaried positions in Israel was 2.343 million in 
March 2004. Including workers from Judea, Samaria and Gaza, and 
foreign workers, that figure rises to 2.415 million jobs. 
Trend figures show that the number of jobs held by Israelis 
increased by 1.2%, in annualized terms. 

Well over half, 66%, of Israel's salaried workers made more than the 
average salary. Among this group alone, the average wage stood at 
NIS 9,343 in March. Another 26.4% of Israel's salaried workers, 
or 618,500 people, earned less than the average wage. In this group, 
the average wage was NIS 1,948 a month. The rest earn the average salary. 

Nitzan Cohen adds: 

The slump in the construction industry persisted as 2004 began: 
building starts declined by 2% in the first quarter compared with 
the last quarter of 2003, according to a real estate survey by 
the Central Bureau of Statistics. 

It was the seventh consecutive quarter in which building starts had 
dropped. 

Raw data shows that excluding Tel Aviv, where building starts climbed 
sequentially by 148%, everywhere else the trend was downward. 

During the first quarter 6,930 new apartments were begun. 
From July 2002 to March 2004, building starts diminished by an 
annualized 12%. 

Construction was completed at 6,930 apartments during the first 
quarter, of which 5,930 were for the private sector and the rest 
for the public sector. Trend data shows an 0.5% drop in the rate of 
completion in the first quarter, compared with the previous quarter. 
That decline has persisted through eight straight quarters. 

The economic upswing that began in late 2003 did increase the 
sale of apartments in the builders' reserves, which improved the 
sellers' financial status, the Central Bureau of Statistics said.