Employment Cost Calculations for a ILS 35,000.00 Salary in Palestine
Employing staff in Palestine involves understanding the various costs associated with a salary. For a salary of ILS 35,000.00 per annum, there are several factors that contribute to the total employment cost. This article aims to provide a detailed breakdown of these costs, helping employers in Palestine navigate through the financial responsibilities of hiring employees.
Palestine Cost of Employee Earning ILS 35,000.00 Salary per Annum Calculation | ILS 35,000.00 | Annual Salary in 2024 |
| + | ILS 0.00 | Palestine Employers Social Security Contributions on ILS 35,000.00 in 2024 |
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| = | ILS 35,000.00 | Total Payroll cost of Employee in Palestine in 2024 |
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ILS 35,000.00 Salary in Palestine - Payroll Cost Analysis
As an employer in Palestine, it is clearly important to understand the gross salary you pay your employees as this figure tends to be used for salary comparison against other related jobs and positions when recruiting and retaining staff in Palestine. A good employer also understands the value of understanding "net pay" or "take home pay" as it is commonly referred to. Visability of the take home pay your employees in Palestine attain is important for understanding how they cope with the cost of living in Palestine and ensuring that they have sufficient funds to engage their focus in work activities during employment hours, i.e. they are not preoccupied with financial concerns due to poor salary or considering leaving for better salary package oppertunities.
Employer Cost Elements
Employee Cost Elements Key Points:
Employer Socail Security1: 0%
Gross Salary1: 100%
ILS 35,000.00 Salary Elements
ILS 35,000.00 Salary Elements Key Points:
Employee Socail Security2: 0%
Personal Income Tax2: -0.14%
Take Home Pay2: 100.14%
Note1: Employer Social Security and Salary percentages shown as a percentage of total employment cost in Palestine.
Note2: Employee Social Security, Personal Income Tax and Take Home Pay in Palestine shown as a percentage of Gross Salary in Palestine in 2024.
What is the take home pay on a ILS 35,000.00 salary in Palestine?
For our ILS 35,000.00 salary in Palestine, our employee would have an annual take home pay after payroll deductions and taxes of ILS 35,050.00 which is 100.14% of their gross pay, you can see a salary and payroll deductions example for ILS 35,000.00 here.
What are the employer costs on a ILS 35,000.00 salary in Palestine?
As we showed on the snapshot table earlier, the cost on an employee on a ILS 35,000.00 annual salary in Palestine is ILS 35,000.00, let's take a look at how this figure was calculated:
Palestine: Employer Social Security and Payroll Contributions Calculation 2024
| |
| = | ILS 0.00 | Palestine Employers Contributions on ILS 35,000.00 in 2024 |
These calculations are based on the annual gross salary of ILS 35,000.00 and the Social Security Rates and Thresholds for Palestine during the 2024 tax year which are displayed below.
Palestine Social Security in 2024: Rates for Employers and Employees| Social security category | Employee | Employer | Total |
|---|
| No Social Security Deductions | 0% | 0% | 0% |
Palestine Social Security in 2024: Earnings Thresholds for Employers and Employees| Social security category | Employee | Employer |
|---|
| Min. | Max. | Min. | Max. |
|---|
| No Social Security Deductions | n/a | n/a | n/a | n/a |
Holistic Cost of Employee in Palestine calculations
In this cost of employment analysis of a ILS 35,000.00 salary in Palestine we have focused on the specific payroll elements of Basic Salary and Social Security but this is not a holistic employment cost calculation. The true cost of employing someone with a salary of ILS 35,000.00 per annum in Palestine extends well beyond the gross salary. Employers must account for social security contributions, taxes, additional benefits, training costs, administrative expenses, and legal obligations. A comprehensive understanding of these elements is crucial for effective financial planning and management of human resources in Palestine. This is particulalry true for the first year of employment when setup costs are higher.
1. Basic Salary
The base of the employment cost is the gross salary, which in this case is ILS 35,000.00 per annum. This amount is what the employee earns before any deductions or additional costs are considered.
2. Social Security Contributions
In Palestine, employers are required to contribute to social security, which includes No Social Security Deductions. In 2024, an employer contributions typically amount to around 0% of the gross salary where as employees typically contribue 0% to social security in Palestine.
3. Additional Benefits and Bonuses
Many employers in Palestine offer additional benefits such as bonuses, and other perks. These should be factored into the total employment cost as they can significantly increase the overall financial commitment.
4. Training and Development Costs
Investments in training and development are vital for keeping your employees in Palestine skilled and motivated. These costs can vary but should be included in the total employment cost calculation.
5. Administrative and Overhead Costs
There are also administrative costs related to Palestine payroll management and other HR functions. Overhead costs like workspace, equipment, and utilities attributed to the employee should also be considered.
6. Legal Obligations and Insurance
Employers in Palestine are also responsible for certain legal obligations and insurances, which can add to the employment cost. These include liability insurance and adherence to labor laws and regulations.
Similar Employee Cost Examples in the 35k earning range
You may also find the following salary based employee cost examples for Palestine useful as they were viewed by others who read the "Employment Cost Calculations for a ILS 35,000.00 Salary in Palestine", alternatively you can create your own employee cost calculation here.