El Al Israel Airlines Ltd. (TASE:ELAL) management has signed an agreement with its workers committee and the Histadrut in which 300 employees will take voluntary retirement. Under the terms of the agreement 50 employees in the engineering and maintenance departments will take voluntary retirement and 250 employees in administration. The cuts will come into effect by February 28, 2022.
All the employees will receive early pension terms or an enlarged compensation package, depending on their age. The agreement also includes special assistance for El Al's 1,389 employees who have been on unpaid leave since the start of the Covid crisis and who are no longer eligible for government furlough payments.
El Al has also agreed only to reduce its fleet by 9 aircraft from 45 to 36, rather than by 16 aircraft as originally planned.
El Al began the Covid crisis with 6,300 employees with 1,900 pf them laid off by the end of July 2021. The latest cuts of 300 will see the number of employees fall to 4,100.
Published by Globes, Israel business news - en.globes.co.il - on October 24, 2021.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2021.