Labor union fires hundreds

It seems no one is immune in the wave of job cuts washing across the country. Now the Histadrut, the country's biggest labor union, is sending out 110 pink slips.

The Histadrut, reeling under an NIS 1.5 billion deficit, has begun the paperwork for 110 layoffs in its Tel Aviv headquarters and at 30 regional offices.

Sources inside the Histadrut has to cut staff in order to show Bank Hapoalim concrete austerity measures, a prerequisite for the NIS 400-500 million loan it seeks.

The union's financial crisis was not resolved by selling properties in recent months. July salaries were only paid yesterday.

Although the union's list of who is to go has not been finalized, laid-off union employees will receive up to 250% severance pay (2.5 monthly salaries per year of employment) according to seniority and 10 months' salary as an "adjustment grant."

The ceiling for the severance packages has been set at NIS 800,000.

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