The Israel Electric Corporation (IEC) plans to stop providing its famous perk of free electricity to employees, IEC Chairman Yiftach Ron-Tal said on Thursday during a meeting of the Knesset Finance Committee.
The company is state-owned and is responsible for providing and distributing nearly all the electrical power in Israel. Known for employees’ high salaries, job security, and of course the free electricity, the IEC has long been regarded as one of the best places to work in the country.
According to sources quoted by Israel National News, the company is considering implementing a salary increase to avoid a general strike over the issue.
At the Finance Committee meeting, NIS 1.4 billion was approved in guarantees for IEC bonds. The extra money is to be used to overcome a revenue shortfall caused by rising fuel costs.