Israel’s employment rate registered a sharp jump in the first half of November, reportedly back to the rate prior to the COVID-19 pandemic.
However, the average monthly salary of employees dipped slightly in recent months.
Average monthly wages for Israelis fell to 11,667 ($3,710) in recent months, compared to NIS 11,772 ($3,743) in July and NIS 11,799 ($3,752) in August, The Central Bureau of Statistics (CBS) said Thursday.
Still, the unemployment rate in the first half of November was down to 6.7 percent compared to 7.3 percent in the second half of October.
The employment rate registered a jump to 62.1 percent - almost 4.1 million people employed - which was roughly the rate in January and February 2020.
In a previous survey by CBS, Israel’s employment rate in the second half of October was at 59.25 percent, Haaretz noted.
Improvement in the broad employment rate is mostly due to a decline in the number of people seeking work, as the economy recovers and the demand for workers soars.
Simultaneously, the eligibility of workers aged 45 and older to unemployment benefits soon expires completely, which could be a significant trigger in the sharp rise of the employment rate, Haaretz said.
The Organization for Economic Cooperation and Development projected that the Israeli unemployment rate will stay above pre-pandemic levels until the end of 2023, The Times of Israel reported.
Israel’s government also announced last month that it would increase the monthly minimum wage NIS 6,000 ($1,912), or about NIS 33 ($10.5) an hour by 2025.