50 Hot employees to take voluntary early retirement

Hot
Hot


Sources believe that this is probably only the first part of a streamlining process and that the company will be forced to make additional cuts in the work force.

HOT Telecommunication Systems Ltd. (TASE: HOT) and its workers committee have agreed a plan by which 50 employees will retire. This is only a relatively small proportion of the company's workforce although this is probably only the first part of a streamlining process and sources believe that the company will be forced to make additional cuts in the work force.

Hot is publishing its financial results for the second quarter tonight and the statement will probably provide more details on the voluntary retirement plan.

Hot has confirmed the report about the plan and said, "Hot announces a first voluntary retirement agreement in cooperation with the workers committee. Employees who will choose to retire will receive beneficial conditions and can enjoy overall compensation of up to 230% of their salary. The plan will allow employees interested in a change and who feel they have fulfilled themselves at the company and want to take up other challenges in the economy, to earn a supportive economic package, one of the best in the private sector, which will allow them to undertake this change."

Hot added, "Employees can submit applications to be included in the plan and retire with enlarged conditions. The number of places in the program is limited. Over the next seven days, company employees that meet the criteria can submit their applications. The conditions which were agreed after talks with the workers committee are designed to ensure the rights of those employees that retire."

The workers committee said, "For the first time at Hot a voluntary retirement program is being introduced with beneficial terms. Major efforts have been invested in this plan and deep thought, which will allow every employee who wants to benefit from preferential terms to retire."

Published by Globes [online], Israel business news - www.globes-online.com - on July 27, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018