Collective bargaining agreement by Mizrahi CEO to the merger with Tefahot includes half-salary bonus to employees

Eli Yones is advancing the Bank Mizrahi merger with Bank Tefahot. Maariv has learned that the collective bargaining agreement that was spearheaded by the Bank Hamizrahi CEO includes two significant clauses designed to spur the incentive for Mizrahi employees to cooperate with the merger. The first includes the “bonus merger” totaling half a salary and the second includes a commitment by bank management to employees to freeze layoffs for a period of four years.

The terms of the collective bargaining agreement were distributed by Bank Hamizrahi management to its employees. The Employee Committee at the bank accused Yones of attempting to reach employees while circumventing the Committee.

Committee Chair, Sarah Leyserovitz accuses Yones of childish behavior when he unilaterally canceled a meeting with the committee. According to her, “Yones was insulted by the content of the circular distributed by the Employee Committee that stated that the committee would convene to discuss management’s behavior regarding negotiations on the collective bargaining agreement”. Bank Hamizrahi spokesman responded by saying that management and employees possessed the final draft agreement that includes benefits to employees but instead of signing, Leibovitz chose to present a list of demands at the last minute designed to torpedo the agreement.

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