Central Banking

Bank of Israel reiterates objection to min. wage

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The Bank of Israel Dec 28 issued a report which recommended pegging the minimum wage to the median salary and replace the current system in which it is linked to the average salary. It also reiterated its objection to raising the minimum wage to 70 percent of the average salary in Israel, which currently stands at NIS 4,700 per month. The proposal was created by MK Amir Peretz and currently waits Knesset approval.

The minimum wage, NIS 2,798, is updated on April 1 each year, based on 47.5% of the

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