The agreement could pave the way for a labor contract at Migdal Insurance.
History has been made in Israel. This afternoon, Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS) signed a collective labor contract with the company's workers committee and the Histadrut (General Federation of Labor in Israel) - the first such agreement in the insurance industry. The agreement could pave the way for a labor contract at Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL), which is refusing to recognize the employees' unionization.
The Clal Insurance labor contract includes mechanisms to strengthen job security and prevent arbitrary firings, similar to the contracts signed at Pelephone Communications Ltd. and the credit card companies. Employees may only be fired through negotiations with the workers committee, and in the event of a dispute, the case will go to a joint committee of Clal Insurance executives and Histadrut representatives.
The labor contract was signed in the office of Histadrut Trade Union chairman Avi Nissenkoren, and in the presence of Clal Insurance CEO Izzy Cohen and chairman Danny Naveh.
Published by Globes [online], Israel business news - www.globes-online.com - on January 2, 2014
© Copyright of Globes Publisher Itonut (1983) Ltd. 2014