A report citing that 771 senior employees of Israel’s largest banks earn a total of 832 million NIS annually has many Israelis upset as they are compelled to continue cutting expenses to survive.

According to the information released on Monday 25 Sivan 5773, these members of senior management earn an average of 1.08 million NIS annually. Their salaries increased 50% over the past decade. The increase was considerably more than the inflation rate during the same time period, which was only 30%.

The information released by the Bank of Israel also shows a significant gap in salaries between bank employees. 10% of the employees earn 5,000 NIS monthly, a far cry from the senior management. Those salaries represent 1.3% of the banks expenses. On the other hand, 18.2% of the bank employees, about 7,000 people, warn over 30,000 NIS monthly while 48% of employees earn 17,500 NIS monthly.

(YWN – Israel Desk, Jerusalem)