Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) is putting hundreds of its employees on paid leave at the company's expense.
A letter sent to the company's employees stated, "When this situation first developed, we said that the employees' welfare was at the head of Teva's priorities, and the proof is in the pudding. We are therefore glad to announced that as part of our solidarity with and concern for our employees, company management has decided that employees who are not essential for work and are unable to work at home can remain at home and report a vacation at company expense, in coordination with management, until a different decision is taken according to developments in the situation. These vacation days are in addition to the vacation days accumulated by employees; they will not be deducted from them."
Most of Teva's production, R&D, and distribution employees current work on Teva's premises, while other work from home.
In addition to Teva, two US chip companies in Israel have already announced that their employees' salaries would not be affected. Intel, Israel's largest technology employer, said that at least in the coming months, its employees, including contractor employees, would continue receiving their salaries, regardless of the level of service resulting from working remotely.
Applied Materials, which has 1,600 employees in Israel, last week sent a soothing message to its employee saying, "We will maintain your economic security." The company emphasized that payment of salaries would continue as usual, including to employees unable to work in the current situation. This policy applies to all of the company's employees and all types of jobs: full-time, part-time, and those paid by the hour.
Published by Globes, Israel business news - en.globes.co.il - on March 23, 2020
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