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First International Bank of Israel has warned its 700 managers that their pay will be cut from December 1 if they do not immediately halt their industrial action.

A letter from Yair Yitzhaki, head of personnel at First International, made it clear that the bank planned to end the practice of paying a flat rate for all overtime to managers, averaging NIS 3,500 a month.

The chairman of the managers and signatories union at First International, Yona Goldshlagger, slammed the threatened move on pay, saying, "The management is treating its workers like its worst enemy."

Nevertheless, the staffers plan to continue their work action, and today they are expected to strike the bank's headquarters. Tomorrow the parties will be meeting to attempt to resolve the ongoing dispute, which centers around the workers' demand for a performance bonus for 2003 and 2004, to reflect the bank's profits. However, management claims its profits in those years was too low to warrant a bonus, though it was prepared to pay an advance on this year.