Israel Military Industries' 2,900 employees are to receive their paychecks today, after a 12-day delay. In addition, 1,200 pensioners will receive their stipends following a three-week wait. This is the third consecutive month that employees and retirees have been paid late.
Employee, management and Finance Ministry representatives are expected to try to draw up steps to rescue the company from its cash flow cruches. The Histadrut hopes the Finance Ministry will inject NIS 300 million into IMI so it can meet its payroll obligations and make payment arrangements with suppliers.
Despite its woes, IMI has recently racked up $1.6 billion in orders from Israel and abroad.
Want to enjoy 'Zen' reading - with no ads and just the article? Subscribe todaySubscribe now