2023-10-22 15:41:23
Unpaid leave in Israeli companies due to the repercussions of the war
The consequences of the war on the occupation economy are increasing. On Sunday, Fox Group (listed on the Tokyo Stock Exchange under the name Fox), one of the fashion retail chains in Israel, announced that it will grant between 30 to 50 percent of its employees unpaid leave.
The group said, according to the Israeli “Globes” website, that most of the employees who are granted unpaid leave work in stores, while employees at the headquarters who are not granted unpaid leave will receive 80 percent of their salaries.
At the same time, Fox owner and CEO Harel Wiesel and other top company executives will take a 50 percent pay cut for 30 days.
The Marker website announced that following Fox’s report on the stock exchange, the Meshver Latharkan chain also said that it would take its employees on unpaid leave in light of the effects of the war on its business, starting from the past two weeks.
According to estimates by the Hebrew website, 40 percent of employees will go on unpaid leave, and the period may be extended for more than a month.
The company also reported in a statement that CEO and controlling owner Rami Shavit waived half of his salary for the months from October to December.
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