Bank Employees Earn Less money in ‘08
Written by: Aaron Katsman | April 15, 2009
Funny how banking was one of the most desired of sectors that Israeli workers wanted to gain employment in. That may be a thing of the past. According to Globes: “Banks include their salary costs in the “human capital” item of their financial reports, which is no wonder considering the extensive capital involved in running them. The aggregate salary cost in the banking system reached NIS 15.2 billion in 2008, and bank employees are traditionally among the best paid workers in the economy. The financial reports explain why.
An examination by “Globes” found, that after five years of continuous growth in the average salary cost at the banks, it actually declined in 2008. The average salary cost of the 48,761 banking system employees was NIS 25,400 last year, down from NIS 26,700 in 2007, not including privatization bonuses and severance packages. The reason for the 5% drop was because most banks did not pay bonuses for 2008 performance.”
With banking and hi-tech showing cuts in pay, what will become the new sector that is desired?
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