Israel Chemicals Ltd. (TASE: ICL) subsidiary Rotem Amfert Negev is holding hearings for 127 employees due to be fired, and the employees have locked the plant's gates in response. The workers committee said, "Layoffs at the plant require negotiations with the committee. The current action appears to be a way of applying pressure."
Israel Chemicals said that it was implementing the retirement plan for employees, either voluntarily or involuntarily.
Israel Chemicals decided on the layoffs several weeks ago, as part of a streamlining plan to adjust the company's activity to global markets. The company says that 90 of the employees who received layoff notices were taking early retirement at good terms, including an NIS 800,000 bonus, an NIS 18,000 monthly salary up to the age of 67, and pension provisions. Most of these employees earn NIS 30,000 a month, and are effectively taking a massive pay cut.
Published by Globes [online], Israel business news - www.globes-online.com - on December 4, 2013
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