Partner Communications Reaches Understandings Over Retirement Plan

(RTTNews) - Partner Communications Co Ltd (PTNR), an Israeli communications company, on Sunday said it has reached understandings with its employees' representatives and the Histadrut regarding a retirement plan.

The company, the employees' representatives and the Histadrut New General Labor Organization, have reached understandings regarding a retirement plan that includes, among others, an increased retirement payment and range of benefits, Partner Communications said.

According to the company, this plan is a continuation of the necessary efficiency measures it has initiated over the last few years. As part of the plan, the company has undertaken, among others, not to present any additional demands for employee reduction plans until the resolution of the collective employment agreement which the parties intend to complete by December 2015.

As a result, the company is expected to record a onetime expense of about NIS 35 million in the third quarter of 2015. The final cost of the retirement plan will be determined in accordance with the number of employees who will actually retire as well as the composition of these employees.