Mizrahi Tefahot employees worry about tenure cancellation despite bonus

All Bank Mizrahi Tefahot employees will receive a NIS 10,000 bonus to mark the 100th anniversary of the bank's founding, employees were informed in a special letter sent by CEO Moshe Lari. 

In the letter, Lari wrote that from the bank's inception, its goal was to be a central factor in the economy's development. The bank has consistently entered new areas and gained more and more private and business clients. This, through a series of mergers and acquisitions, has enabled the bank to reach its current status and size.

Lari added that the secret of the bank's success lies first and foremost in its dedicated and professional human capital. "The bank was built like a multi-story tower, tier upon tier," he said. 

Lari was happy to announce that the board approved the management's recommendation to give employees NIS 10,000 gross to celebrate the 100th anniversary. The bonus, after required deductions, would immediately go into employees' accounts.

What are the workers worried about?

However, the workers' committee fears that the grant and bonuses along with the presentation of the bank's profits will establish a precedent to abolish tenure through an artificial extension of temporary employment agreements. 

Committee chair Danny Dehan will meet Lari soon to learn about the expected changes in the employment agreement. 

The bank's management is trying to reassure employees, noting that changes in working conditions have happened in banks like Discount, and were carried out to the satisfaction of all parties.