Israel's parliament passed a law to limit the compensationof bank and insurance executives, in an attempt to narrow a wide gap betweenbosses' and workers' pay, Reuters reported March 29.

The newswire reported that total compensation will be cappedat 2.5 million Israeli shekels a year, or no more than 44x the salary of the lowestworker at the company. Compensation exceeding the thresholds will be subject tohigher taxes.

The law will take effect in six months.

As of March 28, US$1was equivalent to 3.83 Israeli shekels.