Are tech salaries facing a correction after relentless rise?
Are tech salaries facing a correction after relentless rise?
While the average high-tech salary in Israel has dropped by 6.2% since December, this may simply be a correction after months of increases, according to data from the Central Bureau of Statistics
The average high-tech salary dropped by 6.2% from a record NIS 32,102 ($8,643) a month in December to NIS 30,126 ($8,111) in January. However, this figure is still higher than the average high-tech salary in 10 of the 12 months of the past year. December was also a record month for salaries generally, not just in the high-tech industry, according to a report published by the Central Bureau of Statistics.
The number of salaried positions in the high-tech sector in Israel stood at 398,400 in January, representing a 0.4% increase compared to 396,700 in December. The figure has remained almost unchanged since January 2023 when it stood at 398,000. Salaried positions in high-tech accounted for 10.2% of all salaried positions in the economy in January, as was the case in December.
The number of salaried positions held by Israeli workers in February was 3.926 million, a 0.5% increase from January 2024 (3.906 million) and a 3.5% increase from 3.792 million in November 2023. However, this represents a 1.6% decrease compared to February 2023 (3.991 million) and a 1.3% decrease compared to September 2023 (3.978 million), before October 7. In other words, the economy continues to recover very slowly.
