Bezeq Israeli Telecommunication Co. Ltd. (TASE: BEZQ) board of directors has approved the early retirement of 140 tenured employees and 60 other employees at a total cost of NIS 143 million. This is part of the previously agreed streamlining plan and expected regulatory easements.
As a result, Bezeq will set aside NIS 137 million for this plan in the fourth quarter of 2019. Bezeq stresses that this expenditure was mentioned in the guidance that the company has provided.
In January, "Globes" reported that Bezeq and its subsidiaries planned laying off 800 employees over the next three years as part of the Group merging all its subsidiaries into one company, although it is reasonable to assume that the eventual number of layoffs will be even larger.
The measure comes as "Globes" has revealed that the Ministry of Finance supports the merger of Bezeq (landlines) with its Bezeq International unit (international calls and Internet Service Provider). It will consider in the future whether it will allow Bezeq to merge with its mobile phone unit Pelephone and satellite TV broadcaster Yes.
Published by Globes, Israel business news - en.globes.co.il - on November 7, 2019
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