How is Social security configured ? Social Security and Health tax are mandatory deductions from gross pay. In addition to the employee’s contribution there is also an employer’s contribution. They are configured at two rates: a lower rate for gross pay up to 60% of the average salary (currently 5,171 sh – July 2012). The …
Tag Archives: rates
Changes in pension plan rates in public sector
The new referendum issued by the finance Ministry applies to all public sector employees and is in effect from Jan 1, 2011 According to this referendum, both employee and employer contributions towards benefits in Kupot Gemel for pension will be raised by 0.5% This means that from Jan 2011 – Dec 2012, the employee’s contribution …
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New law proposal
On december 20th, 2010 a law proposal to update the minimum wage law was put in motion in the knesset. The proposed law ammendment would put the minimum wage at 53% of the Average Salary in the Economy (ASE). As of January 2011 the ASE is 8,307 shekels. If approved, the amendment would update the …
side by side comparison of 2010 & 2011 tax brackets
The tax rates below are for salaried employees in Israel who are employed full time with one employer. Part-time employees and daily employees taxes are configured pro-rated. The information is provided as such, In case of any discrepancy, the official laws and directives as set forth by the tax authority are the applicable ones. Tax …
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