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Holiday gift survives economic crisis
Israeli employers' tradition unaffected by financial situation, with NIS 1.5 billion to be spend on holiday gifts for employees this Rosh Hashana
The harsh recession that hit the market this year is not getting in the way of the traditional holiday gift Israeli employers grant their workers on Rosh Hashana. Even companies at a loss, such as Zim, El Al, Africa Israel and others, have not called off this practice.
This week, human resources departments and workers' committees will be handing out holiday gifts to 1.2 million workers, at a total value of NIS 1.5 billion, (roughly $400 million).
According to a periodical poll conducted by "Vaadim", a company that follows workers committees' activity in Israel, the average holiday gift this year is valued at NIS 500 – NIS 700 per employee (about $133 - $186).
Senior executives will receive gifts in the range of NIS 1,000 – NIS 2,000 (about $266 - $531).
Vaadim head Yaakov Aloush said this year's holiday gift budgets are 15% less than last year's, but are still considered to be very high.
According to the survey, bank employees and finance sector workers will receive holiday gifts of the highest value. These workers will receive gifts averaging a value of NIS 1,000 ($266).
Gift budgets for high-tech workers and private business employees stand at some NIS 300 – NIS 500 ($79 - $133) per worker, a 15%-25% drop from last year.
