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The wages of Israel Corporation Chairman Idan Ofer are to be cut by 30%, the audit committee and board decided yesterday.

The wage cut follows Ofer's nomination as chairman of Mizrahi Bank, and his announcement that he intends to serve as chairman on a part-time basis in Bank Mizrahi.

The wage cut is to be retroactively apply as of February 1 this year, and is to save the company some NIS 1 million annually. Ofer's annual wages came to about NIS 4.1 million in 2000.

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