Eretz Yisrael Time

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Monday, June 12, 2006
Robert of Be'er Sheva (rather indirectly) sent me this email:

Bank of Israel's top execs pull down way more than US Fed's top execs.

According to
this article, the (Bank of Israel) ombudsman got paid the equivalent of $262,114 in 2004. By contrast, I surfed the internet for info on the US Federal Reserve Bank and found that, "Congress sets the salaries of Board members. As of 2004, the chairman's annual salary was $171,900 and the annual salary of the other governors (including the vice chairman) was $154,700.

It's fascinating to compare the differences between the US and Israel. In the US, the salaries of the Fed are determined by congress and openly (if I only knew where to search). Here in Israel, the BOI apparently sets its own salaries, and has the right (or at least the power) not to publish the way it uses public funds to pay its employees. In the US, which I'm guessing is a more demanding job, the top dogs at the Fed earn considerably less than $200k per year, while in tiny Israel, even the ombudsman is pulling down well over $200k, and will soon be making $713k per year, though this includes all payments including pension funds. Still, the real annual salary is certainly well in excess of $500k.

You gotta love the chutzpah of the folks who run our dear country.


Anonymous said...

After income tax, VAT, and the myriad of other ways that the government here has contrived to take our hard earned money, the ombudsman's actual salary is probably closer to $90,000.

Anonymous said...

My guess is from $260,000, worst case his take-home is $100,000 with probably another $55,000 going into his pension plans. Considering that the average Israeli takes home around $16,000 (from NIS 8000/month) and the average mid-upper executive is taking home say $40,000 (from NIS 30,000/month), I'd say they have themselves a very good deal.

JoeSettler said...

Excuse me, but you both seem to have missed that
(a) they have a programmer pulling in $750,000 a year - and this is a government job!
(b) you are discussing the ombudsman's old salary. His new salary is now $62,000 per month not per year!!
Even taking off 60% in taxes and stuff, he is taking home at least $300,000 per year!!!!!!!

Anonymous said...


When are we moving over to BOI?

I think I'll first go work at Google (CA). Check out their tough life-


tafka PP said...

Greedy, Undeserving B******s. And the poor get poorer. As do the middle classes. This country sucks.

Oleh Yahshan said...

I don't see the problem...
In this country you get to benefit from your work place:
Electric workers get free electricaty
Bezeq - free phones
Elal - Free Flights..

and Banks - Free Money...

It just makes sense... (in a very twisted way)

JoeSettler said...

OY: You know, you're right. When the IMI workers went on strike, they took their tanks out with them on the street for the protest.

tafka pp: I had/have some clients from the public sector that sometimes ask me to tell them if I heard of upper level jobs for them in the private sector. Now that I have an idea of their actual salaries I am wondering what they are whining about.

JoeSettler said...

Google looks like fun.

JoeSettler said...

The BOI story gets better. It seems the BOI may have under-reported the salaries of 3600 employees to the tune of NIS 30,000,000!!!

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