Israel: IDB Group Announces 25 Percent Cut


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In addition to layoffs in a large security firm which targeted the lower wage earners, the IDF Group on Wednesday announced the four top wage earners (partners) will take a 25% wage reduction. Management also called on subordinates in affiliate groups to adopt a 10% salary cut and an 8% cut from management.

IDB controls companies including SuperSol, Israir and Cellcom, employing thousands. In the internal memo, company controllers are calling for fiscal prudence and cuts in spending wherever possible.

(Yechiel Spira – YWN Israel)