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Knesset okays NIS 477m for Israel Post recovery
The outgoing Knesset’s Finance Committee approved the investment of NIS 477 million (c. $120 million) in Israel Post stocks.
The funds will allow the company, which was deregulated in recent years and has since suffered badly, affecting all the country’s citizens’ mail and package services, to begin a recovery program.
The money will also be used to help 1,200 employees retire over a five-year phased process. Until now many employees were facing immediate termination after years of service or changes to their contracts which made it impossible for them to continue in their work, like relocation to branches in cities remote from their homes.
Illustrative: A man checks his mailbox in Beitar Illit on March 17, 2015. (Photo credit: Nati Shohat/Flash90)
