Court lets El Al pull money from pension fund to cover costs during pandemic

The Bat Yam Regional Labor Court gives the El Al Airline the go-ahead to pull NIS 105 million from its employee pension and compensation fund in order to help cover its costs and avoid collapse after its activities ground to a halt amid the coronavirus pandemic.

El Al had initially asked to have NIS 354 million of its NIS 413 million fund freed up for use.

The final figure marked a compromise reached between El Al, the Finance Ministry and the Histadrut labor federation.

El Al planes at the Ben Gurion International Airport on April 12, 2020 (Flash90)

The decision comes as El Al’s employees, most of them now on unpaid leave after the airline stopped nearly all its flights beginning in March, protested that the company’s owners and management were forcing the workers to shoulder the burden of the crisis.

Never miss breaking news on Israel
Get notifications to stay updated
You're subscribed
Register for free
and continue reading
Registering also lets you comment on articles and helps us improve your experience. It takes just a few seconds.
Already registered? Enter your email to sign in.
Please use the following structure:
Or Continue with
By registering you agree to the terms and conditions. Once registered, you’ll receive our Daily Edition email for free.
Register to continue
Or Continue with
Log in to continue
Sign in or Register
Or Continue with
check your email
Check your email
We sent an email to you at .
It has a link that will sign you in.