November 7, 2019 / 3:03 PM / 7 days ago

Israel's Bezeq Telecom approves another retirement plan

JERUSALEM, Nov 7 (Reuters) - Bezeq Israel Telecom said on Thursday its board approved a retirement plan of 140 permanent workers and a further 60 part-time employees at a cost of 143 million shekels ($41 million).

Bezeq, Israel’s largest telecoms group, said in a regulatory filing in Tel Aviv it will record an expense of 137 million shekels in fourth quarter results.

A year ago, Bezeq approved a cost cutting plan to retire 337 workers early at an expense of 512 million shekels, in addition to 90 million shekels set aside in the first and second quarters of 2018 for early retirement. The company swung to a loss in the second quarter and forecast a big loss for 2019 after two major writedowns in its business units.

In August, it revised its 2019 forecast to a net loss of 1.1 billion shekels versus a previous forecast of a profit of 900 million to 1 billion shekels. ($1 = 3.4878 shekels) (Reporting by Steven Scheer Editing by Ari Rabinovitch)

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