Huge bonuses at Bank of Israel

Employees will receive ten of thousands of shekels each.

It seems that the Bank of Israel has not received the message that there is an economic crisis or recession. Hebrew daily "Yediot Ahronot" reports today that nearly every Bank of Israel employee will receive a bonus amounting to ten of thousands of shekels in 2009. A Bank of Israel source confirmed the report to "Globes".

The Bank of Israel has 720 employees. "Yediot Ahronot" says that half of them will receive an "outstanding job bonus" and a promotion, which will boost their monthly salaries by NIS 2,000 to NIS 6,000 each. The other half will receive a bonus for 2008, despite the economic crisis.

Bank of Israel sources said that, under the new wage agreement, hundreds of central bank employees forewent special pay hikes and benefits. The employees' condition deteriorated significantly, saving a great deal of money. The sources added that only a small fraction of these savings would go to managers as a means to encourage excellence.

Published by Globes [online], Israel business news - www.globes-online.com - on November 19, 2008

© Copyright of Globes Publisher Itonut (1983) Ltd. 2008

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