The board of directors of Mizrahi Tefahot Bank Ltd. approved a cost-cutting plan that will include the early retirement of roughly 300 employees between 2017 and 2021, Globes reported Dec. 28.
Employees taking early retirement will be entitled to a pension until they reach retirement age or increased severance pay, along with other benefits. The lender stressed that the number of those retiring will not be more than 300, the report noted.
The plan will cost the Israeli lender an estimated 300 million shekels, which will be booked in the 2016 year-end report, and is expected to save 70 million shekels annually, according to the report.
As of Dec. 28, US$1 was equivalent to 3.86 Israeli shekels.