Israeli Bank Employees Earn Average of $7,200 Monthly, Far Above National Average
The average monthly salary in Israel's banking sector is approximately NIS 27,667 (about $7,200 USD), nearly double the national average salary. However, this figure is skewed by high-level executive positions, with the median salary for banking employees standing at NIS 15,484 (about $4,000 USD), meaning half of all workers earn less than this amount. This data comes from a Bank of Israel report analyzing 35,000 banking positions.
The report categorizes jobs by annual cost to the employer, which is then converted to an estimated gross monthly salary. The largest segment of banking jobs, 36.6%, falls into the NIS 20,000 to NIS 33,300 (approximately $5,200 to $8,700 USD) range, typically encompassing branch managers and mid-level staff. Entry-level "frontline" positions, such as tellers, range from NIS 6,700 to NIS 13,300 (about $1,750 to $3,450 USD) monthly.
Notably, the number of low-paying positions (under NIS 120,000 annually, or about $31,000 USD per year) has drastically decreased. In the past year, these roles, often part-time or basic teller jobs, fell by two-thirds from 883 to just 287. This decline is attributed to automation, mobile apps, and call centers replacing many of these functions, with remaining branch roles requiring more specialized knowledge and licenses.
Beyond base salary, banking employees receive significant benefits, contributing to the gap between gross salary and total employment cost. The average employment cost per position is about NIS 41,667 (around $10,800 USD) monthly, with the difference of NIS 14,000 (about $3,650 USD) covering enhanced pension contributions, severance pay, study funds, and other benefits. Longevity is a key factor in salary progression, with many employees staying with banks for over twenty years, leading to a structure with a large number of experienced workers in the middle ranks.
