IAI, workers sign voluntary early retirement agreement

Yair Katz and Harel Locker  / Photo: Eyal Izhar and Yonatan Bloom

No numbers were mentioned but hundreds are expected to leave from the Aviation Group.

Israel Aerospace Industries Ltd. (IAI) (TASE: ARSP.B1) and its workers committee have signed a voluntary early retirement agreement. The new agreement supersedes the decision by the board of directors on June 24 to lay off 900 employees in the Aviation Group as part of a streamlining program. In exchange the workers committee has promised to maintained industrial peace.

The agreement was reached between IAI chairman Harel Locker and the head of the workers committee Yair Katz. No numbers were mentioned and these will be negotiated in the coming weeks but the belief is that hundreds will voluntary leave with generous retirement packages that will be funded from future savings.

Published by Globes, Israel business news - en.globes.co.il - on July 29, 2020 © Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Yair Katz and Harel Locker  / Photo: Eyal Izhar and Yonatan Bloom
Yair Katz and Harel Locker / Photo: Eyal Izhar and Yonatan Bloom
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