Back to work at the Bank of Israel

The Bank of Israel workers' union on Thursday declared a temporary end to the strike they began on Monday for a one-week period.

March 15, 2007 21:53
1 minute read.


Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analysis from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief


The Bank of Israel workers' union on Thursday declared a temporary end to the strike they began on Monday for a one-week period as they attempt to negotiate with management and reach an agreement over new wage conditions. "The union, out of a desire to end the labor dispute and reach an agreement, decided to halt the strike despite the decision of the Labor Court to allow us to continue to strike," the Bank of Israel workers' union said in a statement. The central bank's management and the union will meet three times by next Thursday, under the oversight of a judge of the Jerusalem Labor Court. The move came after Bank of Israel Governor Stanley Fischer and the Finance Minister's Director of Wages Eli Cohen reached a wage accord late Wednesday night over most of the wage disputes. The negotiations were stepped after earlier in the evening the Tel Aviv Stock Exchange said it would have to close operations on Sunday, if the central bank strike was not settled by then, since stock market transactions were not being cleared through the Bank of Israel. Given the stop to the strike, the bourse said it would hold normal trading on Sunday. Central bank employees walked out on a general strike midday Monday after receiving a letter from Cohen informing them that bank salaries and benefits coming under scrutiny would be cancelled, and they would be expected to return money retroactively that had been paid out "illegally." Following the agreement on the structure of central bank wages and employment reached with Fischer on Wednesday night, Cohen said on Thursday he would freeze the wage inquiry letters sent to the workers for a week until next Thursday, to allow Fischer to discuss the new wage accord with the central bank workers' union and come to an agreement, they would sign.

Join Jerusalem Post Premium Plus now for just $5 and upgrade your experience with an ads-free website and exclusive content. Click here>>

Related Content

The Teva Pharmaceutical Industries
April 30, 2015
Teva doubles down on Mylan, despite rejection