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Monday, March 27, 2006

Bank of Israel to cut salaries

It affects top level only. Bank of Israel governor Stanley Fischer also decided that the bank's top people will be employed through personal contracts from now on. This reform in management employment terms and pay is part of a wider manpower reform at the central bank. The executive pay cuts will be of the same magnitude as the other workers face; the cutbacks are expected to be progressive. Also, Fischer said, certain management perks customary at the Bank of Israel will be abolished.

Pay under the personal contracts, which are the norm at high levels in the public sector, will comply with agreements with the Finance Ministry.
Some of the changes will be implemented right away and others are subject to negotiations with the treasury.
Fischer took the opportunity to praise the central bank management for its responsible conduct regarding the reform.
Source Haaretz

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