el al logo 88.
(photo credit: )
El Al management came to an agreement with the company's workers union and the Histadrut Labor Union Tuesday to extend their current terms of employment until the end of 2007.
The airline said that in light of the economic situation, it found itself in resulting from heightened security concerns and conditions in the aviation market, the workers had decided to embark on intensive negotiations to work with the management to find solutions to making the company more efficient in all sections. As part of the agreement, the workers will only receive bonuses of three percent of their salaries if the company finishes 2006 with a profit of over $10 million.
In addition, if profits exceed $10m. this year, salaries will be raised by 3% in 2007 and again in 2008 if the the airline is profitable next year. Last month, El Al reported a $15m. net loss in the second quarter of 2006 after issuing a profit warning for 2006.