The workers committee agreed to five months salaries in compensation, amounting to an average of NIS 100,000 per employee.
Oil Refineries Haifa employees will forego options for shares in the company’s upcoming IPO in February. The company’s workers committee today decided to accept five months salaries in compensation, amounting to an average of NIS 100,000 per employee. The refinery has 800 employees.
Oil Refineries Haifa’s employees were given an option on 5% of the company at a 30% discount on the minimum price in the IPO. The main reasons for foregoing the options were taxes and the two-year vesting period on the options.
Sources close to the company’s privatization said the decision was expected because employees usually prefer cash compensation.
Published by Globes [online], Israel business news - www.globes.co.il - on January 11, 2007
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