The government is offering an early retirement plan for 500 Israel Electric Corporation (IEC) (TASE: ELEC.B22) employees instead of the 2,500 in its original plan. The government is also proposing cutting free electricity by 50%. These are the main challenges from the reform outline recommended by the Yogev Committee for IEC employees reform.
During talks this week a new streamlining plan was presented which was prepared by IEC management, and at its heart was a drastic reduction in the number of employees to be included in the early retirement plan.
In the past the figure of 2,500 employees over 57 had been mentioned out of the utility's 13,000 employees. The new plan talks about 150 employees over 40 and 350 employees over 62.
No details about compensation were disclosed.
Published by Globes [online], Israel business news - www.globes-online.com - on June 26, 2014
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