The IEC is cutting hundreds of untenured employees in the next few days.
Israel Electric Corporation (IEC) (TASE: ELEC.B22) will fire hundreds of employees from the project implementation department in the coming few days. Their work contracts are set to expire. Last month the company announced that 610 untenured employees in the department will be cut by the end of the year. The department has 1,000 employees mainly working on large projects.
The company claims that major efforts were made to extend the employment of hundreds of employees of the department for another year. However, management and the company were unable to achieve an agreement between the two sides.
The employees were hired for a limited period that was originally 10 years but in 2005 the period was cut to five years.
Published by Globes [online], Israel business news - www.globes-online.com - on May 12, 2014
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