The 2023 budget for Wages and Salaries is 5.7 percent higher than the amount estimated for the Wage Bill in 2022.
There are two main reasons for this, the first is the recently negotiated Public Sector salary enhancement package which included the following elements:
- A 2.5 percent salary increase
- A $2000 increase in the Personal Income tax Standard Deduction
- A reduction in the top marginal rate of Income Tax (of 2 percent)
The second reason relates to increases in increments and the additional allowances that go with a number of new positions.
The 2023 budget for Compensation of Employees is comprised of:
| Item | Amount |
| Salaries | $303.2 m |
| Allowance | $27.6 m |
| Wages | $27.9 m |
| Employer’s NIS Contribution | $15.1 m |
| TOTAL | $ 373.8 m |
