El Al begins 1,600 layoffs
El Al has begun the process of summoning for hearings the first of 1,600 employees who are due to be laid off as part of the company's streamlining plan. El Al is in talks for a $300m loan from Bank Leumi, Israel Discount Bank and other financial institutions with an 82.5% state guarantee, as part of the government's rescue plan. One of the conditions of the rescue plan is the reduction in the work force. The 1,600 employees to be laid off include both temporary and permanent staff although the agreements between management and the workers committees stipulates that the layoffs will only begin once the loan agreements go into effect. El Al Workers Committee chairman Sharon Ben-Yitzhak said that the employees who will be laid off will be given beneficial retirement terms according to age and seniority.<br/>
https://portal.staralliance.com/cms/news/hot-topics/2021-02-24/unaligned/el-al-begins-1-600-layoffs
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El Al begins 1,600 layoffs
El Al has begun the process of summoning for hearings the first of 1,600 employees who are due to be laid off as part of the company's streamlining plan. El Al is in talks for a $300m loan from Bank Leumi, Israel Discount Bank and other financial institutions with an 82.5% state guarantee, as part of the government's rescue plan. One of the conditions of the rescue plan is the reduction in the work force. The 1,600 employees to be laid off include both temporary and permanent staff although the agreements between management and the workers committees stipulates that the layoffs will only begin once the loan agreements go into effect. El Al Workers Committee chairman Sharon Ben-Yitzhak said that the employees who will be laid off will be given beneficial retirement terms according to age and seniority.<br/>
