Over 400 IEC employees to take early retirement

IEC
IEC

The measure is part of a new agreement Israel Electric Corp. has signed with the Histadrut and workers committee.

Israel Electric Corporation (IEC) (TASE: ELEC.B22) notified the Tel Aviv Stock Exchange this morning that a collective agreement was signed yesterday with the Histadrut (General Federation of Labor in Israel) and workers committee.

The agreement includes an understanding that 400-440 IEC employees will take voluntary early retirement during 2015, the terms under which tenure can be granted and withdrawn, the extension of employment for temporary workers, agreed deductions of employees who took part in sanctions and strikes, industrial quiet, and fulfillment of other claims.

At the start of the year, IEC management and the workers committee signed a letter of intent to reach a collective agreement.

At that time IEC chairman Yiftach Ron-Tal said that the agreement was no substitute for the need for an overall reform but does strengthen it. He said, "We have to rearrange the energy market and with it give a horizon to the company that will open up new possibilities."

Published by Globes [online], Israel business news - www.globes-online.com - on February 26, 2015

© Copyright of Globes Publisher Itonut (1983) Ltd. 2015

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