A joint announcement by the Finance and Economy ministries on Wednesday included a package deal that is intended to improve Israel’s economy.
The deal was presented to the public in November, with the main details announced recently.
The main points of the package include raising the minimum wage in the country to NIS 6,000 for full-time workers, which would “take into account the state of the labor market and budgetary constraints.”
The finance and economy ministries estimate that minimum wage will be raised gradually to NIS 6,000 by December 2025 according to the numbers below:
- April 2022 - 5,400 NIS
- April 2023 - 5,500 NIS
- April 2024 - 5,700 NIS
- April 2025 - 5,800 NIS
- December 2025 - 6,000 NIS
"The minimum wage will be raised in a gradual and responsible manner, with an emphasis on reducing gaps and strengthening the status of low-wage workers," the package continued to state.
“The minimum wage will be raised in a gradual and responsible manner, with an emphasis on reducing gaps and strengthening the status of low-wage workers,” the package continued to state.
Other aspects of the package included more vacation days for employees that were employed 5 years in the workplace. Also, the package includes amending the calculation of the amount of overtime that the employee works for a better work-life balance.
“Legislative amendments under the responsibility of ministries will bring much significance to the Israeli economy and workers; they will allow flexibility, lead to stability and growth in the economy, and provide an appropriate response to the challenging period we face,” said Economy Minister Orna Barbivai.