Teva awards Kfar Saba employees 27% pay hike

The company and the plant's workers committee are due to shortly sign a five-year labor contract.

Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) has signed an agreement with the workers committee at its Kfar Saba plant granting the employees a 27% pay hike. The parties are due to shortly sign a five-year labor contract with the workers committee and the Histadrut (General Federation of Labor in Israel).

The Kfar Saba plant's workers will receive a pay hike of 5.4% a year over five years and an additional 8-9% quarterly premium. The monthly salary of minimum wage employees will be raised from NIS 4,300 to NIS 4,515, which will be the baseline for subsequent pay hikes.

Teva will also increase its share of the employees' pension provision by 1.5% to 7.5%. Employees will also be eligible for life insurance and disability insurance and tuition for seven years of academic study

Published by Globes [online], Israel business news - - on November 6, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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