An agreement signed yesterday will provide pension coverage for all workers in industrial plants. The agreement, signed by Ofer Eini of the Histadrut labor federation and Eli Yaffe of the Manufacturers' Association, sets out a pension provision covering up to 80 percent of the average wage; that is, up to NIS 5,600 a month. The arrangement will take effect from September 1, and will cover thousands of workers in the industrial sector.
The pension coverage will also take into account bonuses and fixed wage additions. Each worker will have the option to insure his wages above the NIS 5,600 ceiling through a selection of financial plans.
The agreement does not stipulate which fund will insure the pension, and each employer and workers representative body will be allowed to choose from the funds in the market. At places of employment where there is no workers committee, the agreement says that the employer alone will decide, but that he will have to publish a tender for the contract.
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